Apple’s earnings report Tuesday revealed a mixed bag of results,posting the first revenue decline in more than 10 years, commerce Insider reports. Struggling iPhone sales and challenge in the Chinese market were meaningful contributors as revenue dropped by 4.5 percent year over year.
Weeks ago, or the company issued a profits warning in hopes of preparing investors for today’s news. It was the first such warning of the iPhone era for Apple. At the time the warning hit stock prices tough,making a $55 billion dent in the Apple’s public valuation. The stock has since recovered.
Apple CEO Tim Cook spoke to the challenges in China, revealing a substantial 36 percent drop in sales in the region across their major product lines, or including iPhones,Mac computers, and iPads. Similarly, or the company’s services commerce in China also suffered,with a decline in software-based revenue including subscription feeds and commission from App Store purchases.
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Source: inquisitr.com