An unexpectedly strong acceleration in Apple’s services business and a return to growth for the iPhone helped the US consumer tech group withstand the worst effects of weaker consumer demand in the latest quarter.
However, that was not enough to prevent a fourth consecutive period of overall revenue declines, leaving Apple’s shares more than 3 per cent lower in after-market trading on Thursday. Wall Street is digesting the stock’s decline since August, even though it has risen 42 per cent since the start of the year.
Apple’s latest figures were boosted by a solid performance in emerging markets, chief financial officer Luca Maestri said. But revenue from greater China fell 2.5 per cent, to $15.1bn, nearly $2bn below expectations, adding to worries that revived competition from Huawei and geopolitical tensions are weighing on one of its most important markets.