First Google then Apple. What will this mean for markets? Aivars Lode
Apple Inc. reported another quarterly decline in profit and revenue, its first back-to-back dip in those key metrics in more than two years, as the tech titan continued to battle weak iPhone sales broadly and in particular a slowdown in China.
Still, the company’s results exceeded analysts’ expectations—which had been lowered in the wake of the sharp slump in the previous quarter—and the company’s shares rose in after-hours trading.
Apple on Tuesday said profit for the three months through March 30 tumbled 16% to $11.56 billion, while revenue slid 5% to $58.02 billion.
Apple’s core iPhone business, which accounts for about two-thirds of total sales, has been hobbled by smartphone owners holding onto devices longer and by competition in China where local competitors offer lower-priced, feature-rich handsets. Its iPhone sales fell 17% in the quarter to about $31 billion.
