The year-on-year sales for the iPhone in the quarter of January-March dropped by 10 percent, the lowest it has been since the onset of the pandemic.
The iPhone is Apple's most profitable product, and the decrease in its sales carved four percent off its revenue in the most recent quarter. This is the fifth straight quarter in a series of reduced sales.
Meanwhile, smartphone shipments worldwide shot up by 10 percent within the first three months of 2024.
According to FactSet Research, Apple's revenue and earnings per share have marginally exceeded analyst projections, however.
Apple executives are confident the company will resume growth in the near future, citing approaching product launches and the further integration of AI.
Apple CEO Tim Cook also expressed that he "couldn't be more excited in the future we have ahead of us."
In a show of confidence, the company is to set aside an unprecedented US$ 110 billion to buy shares back. News of this bolstered shares by seven percent.
