May 2, 2017

Apple sees surprise fall in iPhone sales

Despite falling unit sales, revenue from the iPhone still climbed 1% to $33.2bn as it sold more of the bigger, more expensive iPhone 7 Plus. Worse-than-expected iPhone sales had investors slightly unhappy after anticipation of strong earnings sent shares to record highs earlier on Tuesday. That said, revenues are up, in part because of "Robust" sales of the iPhone 7 Plus, the bigger, pricier model. Tim Cook told investors he was also pleased with the continued growth of its Services division - that's things like Apple Music, Apple TV, iTunes and so on - but the health of Apple is only realistically measured with the success of that all-conquering smartphone. Anything short of a major improvement would be troubling for investors who are banking on the next iPhone being a blockbuster, not an incremental upgrade.

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