Apple set for big sales decline as investors await AI in iPhones [Globe and Mail, The (Toronto, Canada)]
Apple Inc. (AAPL)
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Source: Globe and Mail, The
the tech giant is expected to report its biggest quarterly revenue decline in more than a year. Long considered a must-own stock on Wall Street, Apple shares have underperformed other Big Tech companies in recent months, falling more than 10% year to date as fears mount about its slow roll out of AI services and as a resurgent Huawei takes market share in China. Analysts on average see iPhone sales, which account for about half of Apple's revenue, falling 10.4% in the first three months of 2024, according to LSEG. That drop would be the steepest in more than three years. Analysts estimate Apple's total revenue declined 5% in its second quarter, which included January through March. That would be Apple's biggest revenue decline since the December-quarter of 2022, when revenue fell 5.5%. Apple earlier this year lost the crown of the world's most valuable company to Microsoft ( increase ) and its market value now stands at $2.68 trillion after the decline in its share price in 20
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