A growing preference among consumers for lower-priced iPhones contributed to a significant shortfall for Apple in its latest quarterly earnings compared with Wall Street expectations, according to figures released on Tuesday.
The slump left Apple with its first revenue decline in 13 years and added to concerns among investors that the world’s biggest technology company will find it hard to return to solid grow as the smartphone market matures.
Apple reported revenues of $50.6bn for the first three months of the year, down 13 per cent from the year before, with earnings per share falling by 18 per cent to $1.90. Wall Street had been expecting earnings of $2 a share on revenues of $52bn.
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