Apple suffers 10% drop in quarterly iPhone sales to start the year, biggest drop since pandemic [Los Angeles Times (CA)]
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Source: Los Angeles Times
pressure on the trendsetting company to spruce up its products with more artificial intelligence. The 10% drop in year-over-year iPhone sales for the January-March period is latest sign of weakness in a product that generates most of Apple's revenue. It marked the biggest drop in iPhone sales since July-September period in 2020, when production bottlenecks caused by factory closures during the pandemic resulted in a delayed release of that year's model. The current iPhone downturn was the main reason Apple's revenue for the latest quarter decreased 4% from last year to $90.8 billion. It marked the fifth consecutive quarter that Apple's revenue dipped from the previous year. Apple's profit in the past quarter totaled $23.64 billion, or $1.53 per share, a 2% dip from last year. But both Apple's revenue and earnings per share came in slightly above analysts projections, according to FactSet Research. Part of the iPhone deterioration during the first three months of the year stemm
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