Sales of the Apple's lucrative iPhone slumped 17 percent last quarter, the biggest drop on record, as weak demand in China took a toll. But executives expressed hope that the worst is over via ReutersTV
- Apple Inc said sales in China were stabilizing and touted how increasing demand for services and accessories such as Apple Music and the Apple Watch helped offset a record drop in iPhone revenue.
Apple said it expects revenue between $52.5 billion and $54.5 billion for the current quarter ending in June, above analysts’ average estimate of $51.93 billion, according to IBES data from Refinitiv. But revenue from wearables and accessories sales of $5.13 billion beat estimates of $4.79 billion, according to FactSet data. And services revenue, which includes sales from iCloud, the App Store and other businesses, reached $11.45 billion, compared with analyst estimates of $11.32 billion, according to FactSet.
But Cook said price adjustments in China, along with lower Chinese taxes on the iPhone and the trade-in and financing deals Apple offered, helped iPhone sales start to recover toward the end of the quarter. Cook also said he is “optimistic” that the United States and China will soon reach a trade deal.
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