Apple Inc. reported its third successive quarter of declining iPhone Sales and forcast slimmer-than-expected profit margins between $76bn and $78bn over the upcoming holiday season even as it projected record sales, sending its shares down.
The tech giant sold 45.51 million iPhones in the three months to 24 September, beating an average estimate of 44.8 million.
Whereas Revenue from Greater China, once seen as Apple’s next growth engine, fell 29.8 percent in the quarter, after dropping 33 percent in the preceding period. Revenue from Greater China doubled in the year-earlier quarter. Apple’s shares were down 2.1 percent at $115.75 in after-hours trading on Tuesday. The shares hit a 12-month low of $89.47 in May but have been on an uptrend since then as investor confidence returned.
“It’s clear that Apple is bullish about growth in the iPhone, but there’s little evidence of that growth in the actual results announced today,” said analyst Jan Dawson of Jackdaw Research.