First Quarter 2019 (Q1 2019) earnings results for Cupertino tech giant Apple are out as its iPhone problems hit Net Sales hard.
After a tumultuous few months, Apple ( NASDAQ:AAPL) has released its earnings results for the first quarter of the financial year 2019. The company has posted Net Sales of $73 Billion, down by 5% YoY and led by the iPhone ’s decline, as Apple struggles to make its presence felt in markets outside the US and Western Europe. This Net Sales decline has led to a 0.4% decline in Net Income over the year, and Apple’s Net Income stood at $19 Billion for the previous quarter.
At the start of Apple’s earnings call, CEO Tim Cook was quick to highlight the part played by the iPhone in the Cupertino tech giant’s Year-Over-Year Net Sales decline. Apple’s Net Sales stand at $73,435 million, down by $5.7 Billion. According to the company, a change in launch timings and supply constraints contributed to lesser iPhones sold, and this decline could not be offset by users upgrading their older gadgets.
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Apple’s had a slow upgrade cycle in general, but as the company is now facing strong problems in Eastern markets, this cycle is hitting it harder than it previously did. China isn’t helping out, as indicated by CEO Tim Cook in his company’s latest earnings call. According to Mr. Cook, Apple’s revenue in China has declined across all of the company’s products – unlike global revenues where the Mac (fuelled by the MacBook Air and Mac Mini) and the iPad ( fuelled by the iPad Pro 2018) grew by 9% and 17% respectively.
