iPhone Sales Declined in Q2 2023 as Services Revenue Saw Record Growth With 1 Billion Subscriptions
Apple on Thursday forecast that a sales slump would continue into the current quarter, sending shares down despite beating Wall Street sales and profit targets in the fiscal third quarter. Apple shares dropped about 2 percent after the company predicted what could be the fourth quarter in a row of declining sales. For the just-ended period, strength in services drove the profit beat, but weaker-than-expected sales of Apple's most famous device, the iPhone, underwhelmed investors. Executives said iPhone sales would improve in the fourth quarter, but did not say how much. Apple is in a delicate position, with its entrenched iPhone battling for share against Android rivals in a mature market, while its next big product - the Vision Pro mixed-reality headset announced in June - is not yet in the hands of consumers. Apple said sales for the fiscal third quarter ended July 1 fell 1.4 percent to $81.8 billion (roughly Rs. 6,77,034 crore) and earnings per share rose 5 percent to...