Apple Reports Decline in Sales Across Nearly Every Global Market
Apple’s latest financial results show a decline in sales across most global markets, with smartphone demand dropping over 10% in the first quarter of the year. Overall revenues fell by 4% to $90.8 billion, largely attributed to COVID-related supply disruptions. Despite this, Apple’s share price rose in after-hours trading, buoyed by better-than-expected results. The company anticipates sales growth in the coming months, citing upcoming product launches and investments in AI.
While sales in greater China declined by 8%, CEO Tim Cook expressed optimism, highlighting increased iPhone sales in mainland China. Competition from local rivals like Huawei remains fierce, although Apple maintains an edge in features and prestige.
The company faces challenges such as stagnant handset improvements since the iPhone 12 launch and ongoing legal battles, including antitrust lawsuits in the US and Europe. Despite flat pre-tax profit, Apple announced a $110 billion share buyback plan.
Finance chief Luca Maestri expects sales to increase in the low single digits in the next quarter, with double-digit growth projected in the services business. Analysts remain cautiously optimistic, noting potential positive developments in China and upcoming catalysts for investor sentiment.
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