The projection came after a holiday quarter in which net sales and iPhone shipments missed estimates, reinforcing concerns that a push in China won’t offset a decline in the rest of the world. “$100 of Apple’s non-US dollar revenue in Q4 of 2014 translated to only $85 last quarter due to the weakening currencies”.
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For the three months ending December 26, 2015, revenue increased two per cent to $75.872 billion ($53.067 billion), while profits were up from $18 billion (£12.59 billion) to $18.4 billion (£12.87 billion).
Sales of the company’s flagship smartphone climbed 76 per cent in the country from the year-ago quarter, Apple Chief Financial Officer Luca Maestri said on the call.
Tim Cook, the CEO of Apple was more focused in the positive news saying the Apple team delivered its biggest ever quarter, thanks to the innovative products and record sales of its iPhone, Apple TV and Apple Watch.
In the first quarter of 2016, the company has sold 74.8 million iPhones and 5.3 million Macs and 16.1 million iPad units.
Growth in India is a tantalizing prospect as Apple grapples with the economic downturn in China, its second largest market.
Comparing India with the Chinese market, Cook said the population of India is incredibly young.
While it is a probably a bit worrying for Apple that they’re not doing as well as in previous years we do find it hard to feel sorry for a company that only made $1 billion more than it did last year.
Sales of the iPhone are crucial to Apple.
Once again, Apple has chosen not to unveil sales figures of its Apple Watch, only saying that it has helped drive growth in the quarter.
It might lie in services, which include all those things you buy after you buy an iPhone, iPad, Mac computer or even an Apple Watch and Apple TV. Then there’s Apple’s cut of all the apps sold via the App Store, music and videos purchased through iTunes, and its own product-service plans.
“The company clearly has some headwinds”, Ives said.
“Pretty great to be Apple”, he said in a tweet.
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But due to a “weakening” macroeconomic environment it anticipated its sales to be down between five per cent and 10 per cent year on year for its March quarter at between $50bn (£34.9bn) and $53bn.
