On its official press release, Apple has announced its financial results for its first quarter which ended on December 29, 2018. Its quarterly revenue which amounted to $84.3 billion, a decline of 5 percent from the year-ago quarter. This was mostly caused by the 15 percent drop in iPhone sales.
Apple CEO Tim Cook has reassured that despite the decline in revenue, the company is still doing well regarding sales. He also highlighted several factors such as economic issues, China’s trade war with the US and lack of upgrades for the fall in sales.
“While it was disappointing to miss our revenue guidance, we manage Apple for the long term, and this quarter’s results demonstrate that the underlying strength of our business runs deep and wide,”
He also added that “our active installed base of devices reached an all-time high of 1.4 billion in the first quarter, growing in each of our geographic segments. That’s a great testament to the satisfaction and loyalty of our customers, and it’s driving our Services business to new records thanks to our large and fast-growing ecosystem.”
Despite the significant drop in the iPhone revenue, Apple’s other products like iPad, Apple watch, airpods and etc have shown a rise of nineteen percent in its revenue.
However, Ewan Spence of Forbes.com gives a reminder to Apple users:
“Just remember that the services side only delivered $10 billion of the $84 billion revenue… there’s a lot of ground to make up before it can equal the dominance of the iPhone in its budget. “
Apple also held a live-streaming conference call for its 1st Quarter Financial results last January 29, 2019, 2:00 PM PST.