Sales slump: Apple’s revenue for the three months to the end of March fell to £72.4bn
The technology giant Apple reported last night a 4 percent drop in its quarterly sales due to a crisis in China.
The iPhone maker’s revenue for the three months to the end of March fell to £72.4 billion, but was better than analysts feared.
And CEO Tim Cook said he expected to return to sales growth in the current quarter as he invests in artificial intelligence features that will be unveiled in the coming months.
Shares of the California-based company have fallen 10 percent so far this year on fears of weak sales in China, where it faces stiff competition from rival Huawei.
Last night’s figures showed sales in the country fell 8.1 per cent to £13.1bn, but that was better than the £12.4bn predicted by analysts.