Apple Registers $84.3 Billion of Revenue in First Quarter of 2019 As iPhone Sale Dip By 15 Percent. This contributed to iPhone revenues falling 15% year-over-year with $52 billion in revenue in Q1, compared to $61.1 billion in Q1 2018. Cook attributed the downward slide in iPhone sales to customers not upgrading to new devices every year. "For millions of customers, we made it low-cost and efficient to replace the battery and hold onto their existing iPhones a bit longer", Cook explained.
Apple Inc.'s holiday sales decline reflected the iPhone maker's lost ground in China amid an economic slowdown in the world's second-largest economy.
In its revenue call for 2019 Q1, Tim Cook admitted that the overstretched prices of iPhone are a factor behind the disappointing sales this year. Apple's goal is $50 billion in annual services income by 2020, and it appears the company is well on its way to hitting that goal. Apple's Q2 revenue is projected to be $55-$59 billion.
However, for Apple, this is a rare earnings shortfall of $9 billion compared to what it had previously forecast for the quarter: a high of $93 billion.
The sluggish iPhone sales were offset, however, by a 19% growth in services, which reached a new high of US$10.9 billion in revenue. Apple share prices saw a 6% increase just after the earnings calls and closed at around $165 during extended trading. Apple said worldwide sales accounted for 62 per cent of revenue.
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Apple said it would start providing regular updates on the number of iPhones and overall devices in use.
Apple CEO Tim Cook speaks during an event to announce new products, October 30, 2018, in the Brooklyn borough of NY.
Also, Apple's entry iPad is said to get a refresh this spring with "a roughly 10-inch screen" along with a faster processor, while keeping its Lightning port, say sources.
"Apple iPhone has an Asia problem", wrote Strategy Analytics analyst Neil Mawston.
In addition, to further highlight how services will fill the void poor iPhone sales have left, Apple for the first time, reported its margin - a whopping 62.2%. As of right now, it doesn't seem like Apple will be sharing that information.
The win was despite the significant decline in sales nearly on previous year's level with nearly 19,97 billion dollars. However, in the long-run, the path for the company's share prices will largely depend on Apple's path for innovation and investors' sentiment over the United States economic performance which will determine appetite for the stock market.