Apple sees biggest fall in sales for a year

Apple CEO Tim Cook addressed concerns about the company’s future after reporting a big drop in sales.

Sales fell 4% to $90.8bn in the first three months of 2024, mainly due to fewer people buying iPhones. The company blamed this on supply chain issues caused by Covid, which boosted sales last year.

Executives expect sales to pick up soon, with new products and investments in AI.

Tim Cook expressed optimism about Apple’s future. The company plans to spend $110bn buying back its own shares, showing confidence in itself.

After the announcement, demand for Apple’s stock rose, though it’s been down 6% this year.

Apple’s struggles stand out compared to the wider market, where smartphone sales grew by 10%. iPhone sales dropped by over 10%, except in Europe, and especially in China, where sales fell by 8%.

Cook reassured investors, saying iPhone sales in mainland China actually increased.

Leading companies in every industry are leveraging the power of spatial computing, from product design to immersive training—even during prep for surgery! The potential of Apple Vision Pro to change the way we work is limitless. https://t.co/LMtHUAiONE

— Tim Cook (@tim_cook) April 9, 2024