- Apple forecast stronger-than-expected revenue this quarter, as iPhone price cuts have helped sales in China - Quarterly iPhone sales fell 17 percent year-over-year, their steepest drop ever - Investors are looking to the services business to fuel growth
- Apple Inc on Tuesday forecast stronger-than-expected third-quarter revenue and Chief Executive Tim Cook said iPhone sales had started to stabilize in China, a sign that Apple’s price cuts there are helping limit sales declines.
“As we look at the iPhone results through Q2, the results were stronger on a year-on-year basis for the last few weeks of the quarter. We also saw a similar result in China,” Cook told Reuters in an interview. “These, along with the continued success with wearables and so forth, give us some confidence that things are getting a bit better.”
Apple has wrestled with a slowdown in iPhone sales in key markets such as China and saw its first ever year-over-year decline in iPhone revenue for the holiday shopping season. Investors are looking to Apple’s services business to fuel growth as iPhone sales slow. Last month, Apple revealed a new credit card offering and subscription services for news, television and gaming, though only the news subscription is currently available to purchase.
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