Home Business NewsTech News Apple's revenue drops as customers hang up on iPhones

Apple's revenue drops as customers hang up on iPhones

by LLB Reporter
27th Jul 16 9:25 am

Tech giant beats forecasts

Tech giant Apple posted its second quarter of falling iPhone sales albeit it a smaller fall than expected by analysts.

The US tech giant sold 40.4 million iPhones in its third quarter, slightly above forecasts of 40.02 million.

Apple expects sales to fall again in the fourth quarter to between $45.5bn (£34bn; €41.4bn) and $47.5bn.

Profit were down 27% to $7.8bn in the three months to 25 June, while revenues fell 14.6% to $42.4bn.

Apple blamed a slowdown in China for its profit drop.

“It is very clear that there are some signs of economic slowdown in China, and we will have to work through them.

“We understand China well and we remain very, very optimistic about the future there,” said Apple chief financial officer Luca Maestri.

 

 

 

 

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