Apple witnesses a 10% decrease in iPhone sales during the initial quarter of 2024

Apple witnesses a 10% decrease in iPhone sales during the initial quarter of 2024

Apple posted its financial results for its second fiscal quarter, which is the period between January 1 and March 30, 2024. Sales of iPhones dropped 10% on a yearly basis, while Services reached its highest result ever, with a 14% increase over the same period last year.

Cupertino's total revenue was $90.75 billion, 4% down from last year. Net income was $23.63 billion, also down compared YoY.

According to the report, the sales decline came from all across Asia. Net sales were down in Greater China (PRC, Taiwan & Hong Kong), Japan, and the Rest of Asia Pacific, while the Americas and Europe saw an insignificant change that can be rounded up to 0%.

Apple Services includes subscription services, warranties, licensing deals with search engines and payments. The $23.9 billion result was higher than analysts expected, and the US company said it expects another double-digit increase in the next quarter.

Apple's board approved an additional round of repurchases of up to $110 billion of common stock - the biggest buyback program in the company's history. The company also announced a cash dividend of 25 US cents per share, a 4% increase from the previous period.

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