Apple posted its third straight quarter of declining sales and predicted a similar performance in the current period, hurt by an industrywide slump that has sapped demand for phones, computers and tablets.
After the company reported a revenue decline of 1.4% in the fiscal third quarter, Chief Financial Officer Luca Maestri said on a conference call that Apple’s performance would be similar this period.
Still, the report showed that Apple’s much-prized iPhone hasn’t evaded a downturn that has rattled rivals and partners. Qualcomm, a mobile-device chipmaker and iPhone supplier, had already sparked fears about demand with its earnings Wednesday, sending its shares plunging ahead of Apple’s report. Demand for the iPhone 14 model is tapering off as the company prepares to unveil the next version, which promises to be the most significant upgrade in three years. New iPhones typically debut in September, a few weeks before the fourth quarter ends.
In the current quarter, Apple expects the year-over-year performance of the iPhone and services to improve. That will outshine the Mac and iPad divisions, which the company said would decline by a percentage in the double digits. Though its sales fell 7.3% to $6.84 billion, that topped an average estimate of $6.37 billion. The only major new products that Apple launched in the third quarter were Macs: The new larger MacBook Air and pro-focused desktop machines were introduced in June.
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