Oct 30, 2019

Apple profits hit by slowing iPhone sales

Apple's business is being tested by ongoing weakening in its iPhone sales. In the most recent quarter, iPhone sales dropped to $33.4bn, down almost 10% year-on-year. The fall extended a streak of declines and hit the firm's profits in the quarter, which slipped about 3% year-on-year to $13.7bn. However, Apple still managed deliver revenue growth, lifted by accessory sales and its services business, which includes the app store and Apple Pay. Apple boss Tim Cook, who has been working to make Apple's business less reliant on its phones, hailed that gain. He also hastened to reassure investors that the declines in iPhone sales are slowing, thanks to the popularity of the firm's latest model - the iPhone 11.

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