Its brief position apple As the world’s only $3 trillion company was short-lived, a day after the company reported its third straight quarterly sales decline due to weak demand. iPhone. Shares of the Cupertino, Calif.-based tech giant fell 4.8% on Friday, with its market capitalization down to $2.86 trillion, still a strong number.
In the third quarter of the three months that ended on July 1, Dr applePosted revenue of $81.8 billion, a 1.4% decrease from the second quarter and a 3% year-over-year drop.
The tech giant’s Chief Financial Officer Luca Maestri noted in a conference call Thursday that its performance apple It will be similar in the last quarter of the year.
If Maestri is correct, another drop would mark the longest losing streak apple Two decades of experience.
Shares of the California-based company are up nearly 50% so far this year. In June, apple Became the first company in history to reach a $3 trillion market capitalization.
apple It is the world’s most valuable company by over $1 trillion.
Microsoft Saudi oil companies ranked second and third with market capitalizations of $2.4 trillion and $2.1 trillion, respectively.
call his earnings, CEO of appleTim Cook blamed an “exchange rate crash” for the disappointing sales of the most famous device applehe iPhoneA strong dollar has affected the company’s revenue, which comes mainly from international countries.
Smartphone sales fell 2.94% to $39.7 billion in the third quarter, just shy of analysts’ expectations of $39.8 billion, according to Bloomberg. Its executives apple They mentioned in the earnings call that the US smartphone market will slow.
Earlier this week, mobile phone chipmakers and providers iPhoneQualcomm, reported that mobile device sales are weak and expects fiscal fourth quarter sales to be between $8.1 billion and $8.9 billion.
The midpoint of that range was well below the $8.79 billion average estimated by analysts, Bloomberg reported, sending Qualcomm shares down in their biggest intraday drop since 2020.
Executives said they expected the smartphone to perform better in the fiscal fourth quarter, but did not specify by how much.
sales iPhone Weaker than expected as offset by subscription services Apple TV+which now has 975 million paying subscribers, Cook said.
Maestri added apple “carefully managing its costs,” and that “operating costs of $18.7 billion were at the lower end of the guidance range we provided earlier in the year.”
Earlier this year, apple Two rounds of cost-cutting have affected hundreds of contractors and workers on the company’s retail development and curation team, which oversees the construction and maintenance of the manufacturer’s retail stores. iPhone.
And these are being sold abroad despite the headache iPhone In China they grew by 8% year-on-year thanks to the country ending its “zero COVID” strategy at the end of January. wearable applewith him Apple Watch y AirPodsIt also performed well in China.
claim for iPhone 14 The company has been slow as it prepares for its launch iPhone 15 Pro y Pro MaxWhich promises a bigger screen, a titanium frame with thinner bezels around the screen and a faster processor than the previous model.
Although the release date is yet to be announced, iPhone They are usually submitted in early September, a few weeks before the end of the fourth quarter.
Around the same time, the tech giant will also release Apple Watch Series 9 And Apple Watch UltraWhich is expected to come with a major processor upgrade and is rumored to be available in pink, possibly in response to the recent fever. barbie.
Through: The New York Post
Editor’s note: Tim Cook must go gentlemen, I don’t know who can take his place but I suspect I could do worse as president. apple.
