News

Apple in a Decline? Revenue falls for the first time in 13 Years

Apple reported its quarterly earnings on Tuesday, revealing a huge 13% drop in quarterly sales. This is the first time in the last 13 years of the Apple company’s history that the revenues have declined, leading to a drop in the company’s share prices.

Apple’s most profitable product, the iPhone, accounts for nearly two-thirds of the company’s revenue but this quarter, the company sold 16% fewer iPhones than it sold in the same period last year. As a result, the Cupertino-based company was already expecting a severe decline in revenue, predicting it to fall between $50 billion and $53 billion.

Tuesday’s earnings report pegged the exact figure to be $50.6 billion, a 13% decline year-on-year, and all of it was down to poor iPhone sales. Immediately after the earnings report, shares of the company went into decline with an 8% drop. They have recovered a little ever since and are currently being traded at 6.26% down.

Last year, the iPhone brought in $40.3 billion in revenue against sales of 61.2 million units, compared to $32.9 billion this year and just 51.2 million units sold.

Currently, the most valuable publicly-traded company on the planet after Alphabet overtook it briefly in January, Apple Inc. has also solidified its spot as the world’s most profitable company. Year after year, quarter after quarter, it has astounded investors with overwhelmingly positive results, thanks to its incredibly successful iProducts and especially the iPhone. However, as iPhone sales are going in decline, it seems that so is Apple.

Source- Guardian

Sponsored
Rehan Ahmed

I cover startups, review gadgets and talk about latest developments in the technology industry. Get in touch through rehan@techjuice.pk.

Leave a Comment
Share
Published by
Rehan Ahmed
Tags: Apple

Recent Posts

Indian Army Granted Authority to Directly Takedown Social Media Content

The Indian Army has been granted direct authority to manage social media content concerning its…

8 hours ago

NUST Achieves Global Recognition with 43 Researchers Among World’s Top 2% Scientists

In an extraordinary accomplishment for Pakistani academia, 43 researchers from the National University of Sciences…

9 hours ago

Khyber Pakhtunkhwa Govt Ready to Acquire PIA with Bid Exceeding Rs10bn

The Khyber Pakhtunkhwa (KP) government has officially informed the federal government of its intention to…

10 hours ago

PTA Cautions Public on Illegal and Unlicensed Forex Trading Platforms

The Pakistan Telecommunication Authority (PTA) has issued a stern advisory, warning citizens against investing in…

10 hours ago

Record Emigration: Economic Instability Forces Pakistan’s Best and Brightest to Depart

Economic challenges are prompting skilled workers to leave Pakistan, resulting in a significant talent drain…

13 hours ago

Russia’s Fine on Google Exceeds World’s Economy

A Russian court has fined Google for blocking state-run media channels on YouTube, imposing a…

1 day ago