Apple sees iPhone sales slump 10% - biggest drop since the pandemic. So why are shares up 7%?
Apple sees iPhone sales slump 10% – biggest drop since the pandemic. So why are shares up 7%?
- iPhone sales dropped 10 percent year-on-year in the first quarter of this year
Apple on Thursday revealed its steepest quarterly decline in iPhone sales since the beginning of the Covid-19 pandemic, deepening a slump which is increasing pressure on the tech company.
iPhone sales dropped 10 percent year-on-year for the three months ending March 31 – the latest sign of weakness in a product that generates most of Apple’s revenue.
It marked the biggest drop in iPhone sales since the third quarter of 2020, when production bottlenecks caused by factory closures during the pandemic resulted in a delayed release of that year’s model.
However despite this slump, Apple’s shares climbed 7 percent in extended trading.
This was because the company announced that its board had authorized $110 billion in share buyback – a 22 percent increase over last year’s $90 billion authorization.
This is the largest in history, ahead of Apple’s previous repurchases, according to data from Birinyi Associates reported by CNBC.
This is a breaking news story. Updates to come.
Read more