technology

Apple Experiences iPhone Sales Slump and Revenue Decline in Q2 2024

The Digital Artisan

May 3, 2024 — 1 min read

iPhone Sales and Revenue Fall

In Q2 2024, Apple reported a slump in iPhone sales and a drop in overall revenue. The American tech giant disclosed a 10% drop in iPhone demand in the first quarter of the year, with only Europe showing an increase. China experienced a significant 8% dip, seeing as it's known to be the world's second-largest smartphone market.

Revenue Down by 4%

Consequently, Apple's reliance on iPhone sales has resulted in the company's revenue down by 4%. A mere $90.8 billion (approximately £72.4 billion) is what the tech behemoth had to make do with. Although these figures were disappointing, they were mitigated somewhat by the fact that last year’s rise in demand was attributed to the pent-up Covid demand, which was unlikely to be repeated this year.

A Hopeful Future and the Power of AI

The tech giant has stated that results for the coming quarter may be more positive and are in fact better than they had anticipated. The company's services sector, which saw a revenue increase of 14% from last year, sets an all-time record. With the launching of new iPad products expected next week, and a major overhaul for the iPad Pro line, Apple hopes to combat its tablet revenue, which has dropped 17% since last year. The big plan for Apple in 2024 is likely to focus on generative AI across its software platforms, where the company expects to leverage its advantages and stand out in this new era, as it believes in the transformative power and promise of AI.

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