May 3, 2024

Apple sees biggest fall in sales for a year

Apple boss Tim Cook tried to beat back doubts about the future of the tech giant, after it reported its biggest sales fall in more than a year. Executives said the results were distorted by Covid-related supply disruptions, which led to unusually strong sales during the same period last year. The struggles at the company - which also endured a streak of sales declines for much of last year - marked a contrast with the wider market. At Apple, quarterly sales of iPhone dropped more than 10% year-on-year and sales slipped in every geographic region except for Europe, with the firm's critical greater China market seeing a fall of 8%. Mr Cook sought to reassure investors about the state of the business in China, noting that iPhone sales were actually up in "Mainland" China. Chief financial officer Luca Maestri said Apple sales were expected to rise in the "Low single digits" in the three months to June.

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