Apple revenue declined for the third consecutive quarter, the company’s most prolonged sales slump since 2016 as the iPhone-maker continued to deal with declining demand for consumer devices.
Overall iPhone revenue, generally a primary driver of Apple’s profits, missed estimates and fell compared with last year, but Chief Executive Tim Cook highlighted strong sales in emerging markets.
The Cupertino, Calif.-based tech giant posted sales of $81.8 billion for the quarter ended in July, down 1.4% from the prior year. but largely in line with analyst estimates. Net income was up 2.3% annually at $19.9 billion. The company’s all-important iPhone sales fell 2.4% to $39.7 billion, missing analysts expectations of $40.2 billion in iPhone revenue.
Read the full story on The Wall Street Journal here.