Apple reports a 4% decline in quarterly sales due to the recession in China
Sales decline: Apple’s sales for the three months to the end of March fell to £72.4 billion
Technology giant Apple last night reported a 4 percent decline in quarterly sales due to the recession in China.
The iPhone maker’s revenues fell to £72.4 billion in the three months to the end of March, but were better than analysts feared.
And CEO Tim Cook said he expected a return to revenue growth in the current quarter as investments continue in AI features to be unveiled in the coming months.
Shares of the California-based company are down 10 percent so far this year on fears of weak sales in China, where it faces stiff competition from rival Huawei.
Last night’s figures showed sales in the country fell 8.1 percent to £13.1 billion – but that was better than the £12.4 billion forecast by analysts.