Apple reveals biggest decline in iPhone sales since the beginning of the pandemic and announces AI strategies | Business News
Tech giant Apple has experienced a significant decline in iPhone sales, marking the largest drop since the early stages of the COVID-19 pandemic.
Sales from January to March were 10% lower compared to the same period last year, a situation not seen since the 2020 iPhone model faced delays due to factory closures during lockdowns.
Overall, Apple earned $90.8bn (£72.4bn) in the latest quarter, a decrease of 4% from the previous year. This decline marked the fifth consecutive quarter where the company’s revenue decreased year-over-year.
Apple’s profit in the past quarter amounted to $23.64bn (£18.85bn), a 2% decrease from the previous year. Despite this decline, Apple’s share price increased by nearly 7% as investors had anticipated a larger drop in sales.
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Meanwhile, Apple CEO Tim Cook has discussed the company’s plans to incorporate artificial intelligence (AI).
While competitors like Samsung have introduced phones with AI capabilities, such as generative AI chatbots, Apple has yet to announce how it will integrate AI into its iPhones.
The upcoming iPhone is anticipated to include AI microchips and larger screens.
Apple will unveil its latest software developments at the annual developers’ conference scheduled for June.
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Generative AI technology has the potential to enable phones to write software code, essays, or create images based on user prompts.
Cook expressed optimism about the company’s prospects in generative AI, stating, “We’re very bullish about our opportunity in generative AI and we’re making significant investments,” and added, “We’re looking forward to sharing some very exciting things.”
