Arab Press

بالشعب و للشعب
Wednesday, Apr 17, 2024

iPhone sales buck falling electronics demand trend

iPhone sales buck falling electronics demand trend

The tech giant reported drops in some product sales but surprised economic observers when it came to profits and revenues.
Apple has beat Wall Street expectations and market trends in reporting increased iPhone sales in its second quarter results.

Both revenues and profits were above investor predictions as a record number of iPhones were sold for the second three month period in its financial year.

Sales for the year ending 1 April dropped overall - but significantly less than expected - by 2.5% to $94.84bn (£75.42bn), better than the expected 4.4% drop to $93bn (£73.96bn).

A drop in sales of the iconic Apple product had been expected as cost of living pressures and higher interest rates pinch customer wallets and demand has been depressed following the pandemic era electronics purchase surge.

Instead, a 1.5% rise in Apple's iPhone revenue was recorded despite a more than 3% decline being expected. The increase came, chief executive Tim Cook said, thanks to three countries.

"We set records for the iPhone installed base in every geographic segment, and we had very strong 'new to' [sales in] emerging markets, particularly in Brazil, India and Mexico."

"We were thrilled by our performance in emerging markets," Cook told Reuters. Mr Cook was recently in India to open Apple's first retail stores in the country.

There are well over a billion iPhones in active use, the Apple investors conference call heard.

Some Apple products, however, succumbed to the downward trend for electronics sales. Sales of Apple's mac laptops dropped 30% and iPad revenue was down.

Wearable sales, such as the Apple watch and AirPods dropped by a single percent.

Sales in China also fell nearly 3% to $17.8bn (£14.15bn).

Apple earned $24.16bn (£19.21bn) during January, February and March, equivalent to $1.52 (£1.20) a share. It's down slightly from $25bn (£19.88bn) a year ago.

Supply chain woes that had previously dogged production disappeared. Cook said there were no material shortages at all over the three months.

Apple was just the latest tech giant to report better than expected results. Tech stocks have been behind increases to the S&P 500 index of the largest companies listed on US stock exchanges.

Company shares rose 2% in after hours trading following the announcement.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
China Criticizes US for Vetoing UN Ceasefire Resolution in Gaza
Saudi Arabia ranks first in UN index for e-government services in MENA
Israel Records 20% Drop In GDP, War In Gaza Is The Reason
Saudi Arabia's FDI Inflows Grow with New International Standards
Venture Capitals Power Up Across MENA Region
PM Modi Announces Opening Of New CBSE Office In Dubai
January Funding for MENA Startups Totals $86.5 Million
Saudi Arabia accelerates digital economy growth through Nvidia partnership
Israel unveils tunnels underneath Gaza City headquarters of UN agency for Palestinian refugees
Israel deploys new military AI in Gaza war
Egypt threatens to suspend key peace treaty if Israel pushes into Gaza border town, officials say
Saudi Arabia Warns Of A "Humanitarian Catastrophe" If Israel Moves On Rafah
US University To Shut Qatar Campus Due To "Heightened Mideast Instability"
Facebook and Instagram Ban Iran's Supreme Leader
Defense Technology Showcase Held in Riyadh
Saudi Arabia’s non-oil exports rise 2.5% to $6bn in November 2023: GASTAT
Rolls-Royce Executive Encourages Saudi Women to Tap into Their Inner 'Superhero' for Success in Defense Industry
Saudi Arabia launches National Academy of Vehicles and Cars
Saudi Tourism Minister Reveals Plan for 250,000 New Hotel Rooms by 2030
SAR to more than double eastern network passenger capacity with new trains deal
Saudi Arabia Enhances National Defense with New Partnerships
Saudi Aramco Maintains Arab Light Crude Pricing to Asia for March
NEOM Establishes New York Office to Support Investors
Saudi Wealth Fund Draws in Over $25 Billion Worth of Investments in Three Years, Al-Rumayyan Reveals
The Saudi Kingdom's Ultimatum to Israel: A Win-Win Peace with Saudi Arabia and the Arab World, or a Lose-Lose Continued Occupation and Endless Conflict
Biden condemns anti-Arab hate after WSJ opinion piece calls Dearborn ‘jihad capital’
Turkey Releases Seven Hostages Captured by Pro-Gaza Gunman
Arab Parliament Commends Women's Contributions to Societal Development
British and Hungarian Foreign Ministers visited Lebanese leaders to stress the importance of enacting UN Resolution 1701
Yemen's Houthis Say They Targeted British Merchant Vessel In Red Sea
Donald Trump Nominated for Nobel Peace Prize for 'Historic' Middle East Policy
US lawmakers approve F-16 jet sale to Turkey following NATO expansion support
Saudi Arabia Climbs 25 Places in World Bank's National Statistics Indicator
Tourism Growth in Saudi Arabia Fuels Advancements in the Hospitality Industry," Says Rotana Official
Houthi Rebels Request Departure of UN Staff from Yemen, Including US and UK Personnel, within a Month
Modi Inaugurates Hindu Temple on Site of Demolished Mosque in India
Over 25,000 Deaths in Gaza Amid Israeli Offensive
Escalating Clashes in Gaza as Israel Distributes Leaflets to Assist in Locating Hostages
Turkey's First Astronaut Set to Launch for International Space Station Today
Head of Palestinian Investment Fund Warns More People May Die of Hunger Than War in Gaza
Palestinian Envoy Criticizes UK for Alleged 'Double Standards' in Policies Toward Israel
Morocco to Lead UN Human Rights Council in 2024
Is artificial intelligence the solution to cyber security threats?
Egypt has been identified as the leading military force among Arab nations and ranks 15th globally
The AI Revolution in the Workforce: CEOs at Davos Predict Major Job Cuts in 2024
Iranian Nobel Laureate Narges Mohammadi Receives Additional Prison Sentence
"Gazans Urge Israeli Forces to Target Hamas in Leaked Audio"
Biden States US and UK Airstrikes on Houthis Were a 'Defensive Action
Large Pro-Palestine Rally in London as Gaza Conflict Hits Day 100
South Africa Urges World Court to Halt Israeli Actions in Gaza
×