American tech giant Apple faced its steepest decline in iPhone sales during the first quarter, since the beginning of the COVID-19 pandemic. The company announced that year-over-year iPhone sales for the three months ending in March dropped by 10%. Reduced demand for the product, which generates the majority of Apple’s revenue, led to a 4% decrease in overall revenue to $90.8 billion (€84.88 billion). The company’s profit in the last quarter also declined by 2%, reaching $23.64 billion.
This decline was expected due to the challenging situation in China, where Apple faces increasing competition from local company Huawei. However, Apple saw growth in its services segment, including the App Store and streaming platforms. Additionally, the tech giant announced an unprecedented share buyback program worth $110 billion.
It will be interesting to observe how the mobile phone market evolves, especially considering China’s growing influence and its impact on the global market.
