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Apple is shrinking again: declining sales and new challenges
Apple with sales decline: iPhone sales fall by more than 10 percent. Tim Cook predicts small growth next quarter. Find out more about the challenges facing the electronics company.
Apple is shrinking again: declining sales and new challenges
Apple has once again recorded a decline in sales, which was felt both at the corporate level and specifically for the iPhone. The overall decline was 4 percent, with iPhone sales actually falling by over 10 percent. However, these numbers slightly beat expectations and CEO Tim Cook is forecasting low single-digit growth next quarter. It's worth noting that despite the challenges Apple is currently facing, its business in China, which is of particular concern, was less affected than feared.
Apple's stock prices rose 4 percent in after-hours trading, indicating a positive reception to the news. This year, Apple shares have lost value compared to other tech giants, and Microsoft has taken over as the most valuable company in the world. Apple posted its longest negative streak since 2001, with sales continuing to decline until its first quarter of growth last February.
However, Apple faces a variety of challenges. In China in particular, the company is increasingly competing with domestic market players such as Huawei, while it is also facing allegations of iPhone bans in Chinese ministries and state-owned companies. Internationally, Apple has struggled with regulatory authorities, with both the US Department of Justice and the EU Commission taking legal action against the company.
When assessing the reasons for Apple's decline in sales, questions about new products and innovations are also discussed. Although Apple released the Vision Pro glasses in February, the company appears to be lacking top-selling new products that could drive growth. The introduction of its own electric vehicle was rejected, which was seen as a promising innovation potential.
In summary, Apple reported revenue of $90.8 billion in its most recent quarter, which was slightly above expectations. Net profit fell 2 percent to $23.6 billion. iPhone sales fell $46.0 billion year-over-year. Other Apple businesses are showing mixed results, with services like the App Store and Apple Pay seeing a 14 percent increase in revenue while products like Apple Watch and AirPods seeing declines. Apple is planning an event for new iPad models next week.