The 10% decrease in sales from January to March of this year compared to the same period in the previous year is a first since the 2020 iPhone model was postponed owing to lockdown manufacturing closures.
In the most recent quarter, Apple made $90.8 billion (£72.4 billion), which is 4% less than a year earlier. It was the company’s fifth straight three-month period of declining revenue compared to the prior year.
Apple lost $23.64 billion (£18.85 billion) in the most recent quarter compared to a year earlier.
Nonetheless, the company’s share price increased by about 7%, which was positive for its overall value as investors had anticipated a greater decline in revenues.
Tim Cook, the CEO of Apple, has talked about the company’s plans to deploy artificial intelligence (AI).
Apple has not yet revealed how artificial intelligence would be incorporated into its iPhones, while rival Samsung unveiled phones with AI capabilities, including chatbots with generative AI.
