India presents a “really great opportunity” for Apple but slow networks and the informal retail structure there is preventing the tech giant from realising its full potential, its CEO Tim Cook said as the company’s revenues plunged for the first time in 13 years.
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Tuesday during its fiscal 2016 second quarter results conference call, the tech giant revealed that revenue declined 13 percent to $50.6 billion, down from $58 billion in the same quarter past year, according to a press release.
Overall, Apple’s revenue in the January-March quarter was down 13 percent from a year earlier.
It’s looking like Apple is struggling to find new ways to sell us the same product as the company has announced its first dip in sales of the iPhone.
United States technology giant Apple has reported its first drop in quarterly revenue in more than a decade. Shares were able to get a nice bounce back but is most likely speculators and shorts covering positions on such a big drop.
For the first time since releasing the iPhone, Apple has reported lower earnings than previously forecast, reports The Independent.
The company’s sales dropped by more than a quarter in China, its most important market after the U.S., and it also forecast another disappointing quarter for global revenues. Under the expanded program, it plans to spend a cumulative total of $250 billion of cash by the end of March 2018. Cook said that the Smartphone market “is now not growing”.
Apple sold about 51.2 million iPhones during the second quarter, 32 percent fewer than the previous quarter and 16 percent fewer than one year ago.
In fact, if you took the iPhone out of Apple and looked at it as a standalone business, it would be bigger than the likes of Nike and Coca-Cola.
When Apple CEO Tim Cook last night confirmed that sales of the iconic smartphone had dropped for the first time, the company’s shares plummeted by more than 8 per cent in after-hours trading.
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But even as some owners say they’re delighted with the Apple Watch, others have voiced disappointment that it doesn’t do more.
