Apple suffers biggest iPhone sales slump in three years [Yahoo! Finance]
Apple Inc. (AAPL)
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Source: Yahoo! Finance
The Californian tech giant said on Thursday night that revenues from the iPhone fell by 10.5pc in the first three months of the year. Total sales fell by 4pc to $90.8bn (£72.4bn), while profits were down 2pc to $23.6bn. Shares rose in after-hours trading however, with the sales decline not as severe as feared. Sales from China fell by 8pc. Apple has endured a 9pc drop in its shares this year, missing out on a wider artificial intelligence (AI)-driven technology boom, and lost its position as the world's most valuable listed company to Microsoft. The drop has largely been driven by fears about China amid competition from a resurgent Huawei, which has overcome US sanctions to develop its own microchips. Sales have also been hit by Chinese government orders for workers not to bring devices from foreign companies to work. The last time the company reported a double-digit decline in iPhone sales was in 2020, when the delayed release of new devices because of the pandemic led to a
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