Apple has lost its status as the world’s only $3trn company amid a slowdown in iPhone sales, just over a month after achieving the record valuation.
The tech giant revealed last night that its smartphone sales slipped in the three months to June, which led to it posting a third straight quarter of revenue losses.
News of the decline led to Apple’s share price falling by 3.5pc to $184 when US markets opened, knocking $100bn from its overall value.
Apple reached the $3trn valuation in June after its shares rose by more than 50pc over the course of this year.
It previously hit the $1trn milestone in 2018 before it reached $2trn two years later.
Despite slowing iPhone sales, revenues at its services division, which includes its Apple TV+ and Apple Music divisions, grew by 8pc and its overall number of paid subscriptions topped 1bn for the first time.
Apple’s summer results are typically among its weakest, as consumers hold off buying as the company prepares to reveal a new iPhone in September.
Revenues in China grew by 7.9pc as the reopening of its economy helped mitigate falling sales in the US.
The technology company will also be hoping the upcoming launch of its Vision Pro mixed reality headset can supercharge its growth when it arrives in 2024.
https://news.google.com/rss/articles/CBMia2h0dHBzOi8vd3d3LnRlbGVncmFwaC5jby51ay9idXNpbmVzcy8yMDIzLzA4LzA0L2Z0c2UtMTAwLW1hcmtldHMtbmV3cy1pbnRlcmVzdC1yYXRlcy1pbmZsYXRpb24tdXMtam9icy1vaWwv0gEA?oc=5
2023-08-04 17:20:29Z
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