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"Apple" suffers the biggest drop in sales for a year

2024-05-03 08:51:00, Kosova & Bota CNA
"Apple" suffers the biggest drop in sales for a year
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Apple chief Tim Cook sought to dispel doubts about the tech giant's future after it reported its biggest drop in sales in more than a year.

Sales fell 4% year-on-year in the first three months of 2024 to $90.8bn (£72.5bn).

They said sales would return to growth in the coming months, pointing to upcoming product launches and investments in artificial intelligence (AI), reports the BBC.

In a vote of confidence in the firm's future, the company said it is setting aside a historic $110 billion to buy back shares.

Globally, smartphone shipments rose 10% in the first three months of the year, expanding after a long lackluster period, according to research firm Canalys.

At Apple, quarterly iPhone sales fell more than 10% year over year, and sales fell in every geographic region except Europe, with the firm's biggest critical market of China seeing an 8% decline.

Cook sought to reassure investors about the state of business in China, noting that iPhone sales had actually grown in "mainland" China.

But competition is intensifying, as local rival Huawei is on the rise.

Apple is also facing legal battles with regulators in the US and Europe over its app store fees./ CNA 





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