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Apple Revenue Falls, Share Value Climbs As iPad Sales Spiral

Apple who are struggling to come up with a big new product after their Vision Pro Goggle failed and they were forced to get out of the electric car business, has reported a 4.3% decline in revenues with a slump in demand for iPhones also impacting sales.

Despite the fall shares jumped in late trading, up 7.9% with inventors pinning their hopes on Apple pulling out of a big slump in demand for the iPhone.
In China sales are down 20% according to new research.

A lack of innovative new devices has contributed to slow sales at Apple, but the company is punting on new OLED iPads — the first updates to its tablet line in nearly two years to bolster sales.

iPad revenue fell 17% during the past year, overall iPhone sales were down 10 percent, while the company’s services business was up 14 percent compared to the year-ago quarter.

CEO Tim Cook didn’t offer any indication of how things are going with their Vision Pro headset which many observers claim has already flopped” with high return rates.

This is the last earnings report before Apple’s WWDC conference in June; that’s when the company will reveal new generative AI software features to iOS, macOS, iPadOS, and its other platforms.

Currently Apple is punting on AI to lift sales of their products in the future.

“We believe in the transformative power and promise of AI, and we believe we have advantages that will differentiate us in this new era,” Cook said on the earnings call with analysts.

Bloomberg claim that Apple’s slowdown in China has been of particular concern to investors in recent months. Consumers there are flocking to homegrown smartphone brands, and the government has banned the use of foreign technology in some offices.

Counterpoint Research estimated that sales of the iPhone nosedived 20% in China during the first three months of this year.

Revenue came in at $16.4 billion in revenue from greater China last quarter.

The company’s biggest moneymaker is the iPhone which delivered $46 billion in revenue for the quarter.

This was a sharp decline from the $51.3 billion Apple reported in the year-ago quarter — despite the fact that the latest model was considered to be a substantial upgrade.

The Companies Mac PCs generated $7.45 billion in sales, with the business getting a boost from the new MacBook Air, which was updated in March with an M3 chip.

Apple is planning to release its first Macs with M4 processors later this year, adding a fresh focus on AI capabilities, Bloomberg News has reported.

Apple’s Wearables, Home and Accessories segment brought in $7.91 billion revenue.

That compares with estimates of $8.29 billion and represents a nearly 10% decline from the year-ago quarter.

Services delivered 14% growth to $23.9 billion in revenue. The category includes Apple Music, the TV+ streaming platform and iCloud subscriptions, but its revenue primarily comes from the App Store.

What has not been revealed is what impact Apple. who is under pressure from regulators, with be hit with after being forced to allow third-party marketplaces and payment services in the European Union.

Depending on how Apple fares in a legal battle with the Justice Department, it may have to also make changes in the US who is also investigating the monopoly practises of the business.

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