Apple's once-unflappable iPhone revenue is officially in retreat, according to its latest earnings statement today, and it's about to explain what went wrong in a conference call with CEO Tim Cook.
Here's what we know so far about this developing story. The company's total revenue was $84.3 billion (about £67b, AU$120b) for the last three quarters ending on December 29. For almost any other company but Apple, this would be an impressive number.
This is a rare earnings shortfall of $9 billion (about £7.14b, AU$12.9b) compared to Apple's prior forecast for the quarter, a high of $93 billion (about £74b, AU$133b).
Apple had warned us about at the top of this year of the shortfall. It blamed China's economy and its discounted iPhone battery replacement program for the lack of smartphone upgrades in 2019.
“While it was disappointing to miss our revenue guidance, we manage Apple for the long term, and this quarter’s results demonstrate that the underlying strength of our business runs deep and wide,” said Cook in a statement.
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