Apple’s second quarter report results released on Thursday shows that the company is seeing a 10% drop in iPhone Sales. The sales dropped from $51.33 billion to $45.96 billion over the years. According to Techcrunch, this dropdown of sales is fueled by an 8% drop in China.
Meanwhile, Apple’s competitor’s fast adoption of AI, and the company’s slow adoption of AI has influenced the decisions of the consumer’s. Google and Microsoft are integrating AI in their services. Meanwhile, Apple has promised big announcements such as WWDC in June. However, the iPhone 16 is still waiting.
Though, the company still managed to beat Wall street expectations. Its stock rose more than 6% after an hour. The increase is fueled by both an increase in services revenue and a massive $110 billion stock buyback. The services include iCloud, Apple TV and Apple Music. The company is focusing on subscription rather than hardware sales.
The Company CEO, Tim Cook has addressed the major concern that the company is falling behind its competitors. He said the subject is on top of everything at the iPad event in June. The company is also aiming to integrate Google’s Gemini and OpenAI’s ChatGPT into future phones.
