Surprise dip in Apple’s iPhone sales
In the first three months of 2017, Apple sold fewer iPhones than it did a year ago, according to the latest figures released by the Californian company.
With 50.8 million iPhones sold during the first quarter of the year, this is down 1% from the previous year. This news meant Apple shares fell nearly 2% in the hours following trading, despite having hit an earlier record high due to expected better results.
Apple boss Tim Cook said this dip in sales was merely a ‘pause’ as customers wait for the next iPhone.
The company has seen a growth in sales of Apple Watch, AirPods and its Beats earphones, as well as recording an 18% increase in sales of its services, including Apple Pay, iCloud and the App store.
Despite falling unit sales, revenue from iPhones still climbed 1% to $33.2bn due to sales of Apple’s bigger, more expensive iPhone 7 Plus.
With the forthcoming 10th anniversary of the iPhone, expectations are high for the next device. Investors are expecting the next iPhone to be much more than an upgrade, particularly following these disappointing sales results.
The period following Christmas is always the least impressive time of year for Apple’s earnings, however, Apple’s revenue from iPhones was $7bn less than the same period two years ago.
China was partly to blame for the slowdown, with revenue dropping 14% in this area. The Chinese smartphone market is highly competitive, with cheaper products matching Apple in terms of specification.
Apple said quarterly profits were $11bn worldwide, up 4.9% from the same period in 2016.
The firm also announced it would return an extra $50bn to shareholders.
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