Apple boss Tim Cook
Apple iPhones are no longer its biggest revenue driver, driving less than half its sales amid a global smartphone slump.
Despite this, investors reacted positively to the Silicon Valley company on Tuesday, after its software and services , Watches and Air Pods picking up the slack and helping it recover from a sales drop that left itsrevenue in decline for the last two quarters in a row.
Shares rose 4pc after market close after its earnings beat Wall Street estimates. Apple said sales in its third quarter increased 1pc to to $53.8bn (£44bn) compared to the June quarter of 2018. Profits dipped from $11.5bn to $10bn compared to last year.
Apple appears to be suffering from symptoms of the wider smartphone market’s waning health. Earlier, Samsung reported lower than expected sales for its Galaxy S9. Consumers, particularly in the US, are holding onto their devices for longer and growth has plateaued.
Apple chief Tim Cook said its software services, wearables and iPad and Mac were responsible for the all-time record third quarter revenue.
He said: “These results are promising across all our geographic segments, and we’re confident about what’s ahead. The balance of calendar 2019 will be an exciting period, with major launches on all of our platforms, new services and several new products.”
Under Mr Cook, Apple is no longer as reliant upon its iconic iPhone, although it still relies on it for the majority of its revenue. Now it is focusing on digital services like the App Store, cloud storage and its music and TV streaming services.
Apple’s third quarter has historically been its quietest period, the calm before the storm where it reveals all about its annual iPhone upgrade in time for Christmas shopping. Yet this time last year Apple was celebrating $11.5bn in profit, up for $8.7bn a year beforehand.
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