Apple has posted a decline in profits and revenue as sales of products, in particular iPhones, dropped.
In its second quarter ending March 30, the company posted a 2% year-on-year decline in profit of $23.6bn (£18.8bn).
It also saw revenue of $90.8bn (£72.3bn) in this period, which was down 4% year on year.
Total net sales of products dropped from $73.9bn (£58.9bn) to $66.8bn (£53.2bn), but the group said it saw an “all-time revenue record in services” and saw sales for Macs rise.
In terms of products, sales of the iPhone fell 10% from $51.3bn (£40.9bn) to $45.9bn (£36.6bn), while sales of iPads and wearables, home and accessories also declined.
Apple did not provide formal guidance, but chief executive Tim Cook told CNBC that overall sales would grow “in the low single digits” during the next quarter.
While rivals including Samsung have unveiled new AI tools, products and features, Cook said the company feels “bullish” about the opportunity in generative AI and is “making significant investments” that Apple will reveal later this year.
On the results, Cook said: “During the quarter, we were thrilled to launch Apple Vision Pro and to show the world the potential that spatial computing unlocks.
“We’re also looking forward to an exciting product announcement next week and an incredible Worldwide Developers Conference next month.
“As always, we are focused on providing the very best products and services for our customers, and doing so while living up to the core values that drive us.”
Apple chief financial officer Luca Maestri added that the board has also authorised an “additional $110bn (£88bn) for share repurchases”.
No comments yet