Revenues from Apple's iPhone are continuing to fall, leaving the company facing financial decline.
(CCM) — Apple's sales continue to slide as the company reported falling iPhone revenues for the third quarter in a row. Its final quarter results, published yesterday, show sales down an incredible 9% compared to last year at $46.85 billion. As a result, the company's annual revenue fell for the first time since the iPhone was launched. Apple has been struggling to find a cash cow to replace the declining iPhone, and revelations that sales of the Watch, its newest product, have tanked only compound the problem. Despite the grim financial news, Tim Cook, Apple's chief executive officer, put on a brave face, saying: "We’re thrilled with the customer response to iPhone 7, iPhone 7 Plus, and Apple Watch Series 2." Luca Maestri, the company's chief financial officer, added that it was impossible to know how iPhone sales had been effected by Samsung abandoning its Galaxy Note7 handset.
The company had been banking on China providing a lucrative market for its products — particularly the iPhone — but ferocious competition from local phone makers seems to have killed off that prospect. Sales from China dropped by 30% in the quarter, following a disastrous 33% fall in the previous quarter.
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