Apple Reports Decline in Sales and Profit Amid iPhone Struggles in China [The New York Times]
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Source: The New York Times
Difficulties have been piling up for Apple. In recent months, it has been sued by theJustice Departmentfined by European regulatorsthe resurgence of a Chinese smartphone competitorOn Thursday, the company added to its list of problems, reporting that its business was in a slump.Apple said sales fell 4Apple’s struggles were most worrisome in China, the world’s second-largest smartphone market, where sales fell 8 percent. The iPhone’s popularity there has waned since Huawei, which the Trump administration restricted from working with technology firms, introduced a new smartphone with 5G abilities last year. Last quarter, Apple’s share of smartphones sold in China fell 4 percent, according to Counterpoint, a technology research firm.Shares of Apple rose 3.5 percent because the results slightly exceeded Wall Street predictions for quarterly sales and profit and were better in China than feared. The company said that it would repurchase $110 billion of stock and that its sales were on tra
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