Apple sees biggest fall in sales for a year [Yahoo! Finance]
Apple Inc. (AAPL)
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Source: Yahoo! Finance
Sales slumped 4% year-on-year in the first three months of 2024 to $90.8bn (£72.5bn), weighed down by a sharp drop in demand for iPhones. Executives said the results were distorted by Covid-related supply disruptions, which led to unusually strong sales during the same period last year. They said sales would return to growth in the months ahead, noting upcoming product launches and investments in artificial intelligence (AI). "I couldn't be more excited in the future we have ahead of us," Mr Cook said, saying the company was entering an "unprecedented year of innovation". In a vote of confidence in the firm's future, the company said it was setting aside an historic $110m to buy back shares in a vote of confidence in the firm's future. In after-hours trade, the news helped lift demand for the stock, the price of which has dropped more than 6% this year. But the struggles at the company - which also endured a streak of sales declines for much of last year - marked a contra
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