APPLE SALES DROP ON NEXT IPHONE RELEASE

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Apple Inc. reported a surprise fall in iPhone sales for the second quarter on Tuesday, indicating that customers had held back purchases in anticipation of the 10th-anniversary edition launch of the company’s most important product.

Shares of the world’s most valuable listed company were down two per cent at $144.40 US in after-hours trading.

The company boosted its capital return program by $50 billion US, increasing its share repurchase authorization by $35 billion US and raising its quarterly dividend by 10.5 per cent.

Apple sold 50.76 million iPhones in its fiscal second quarter ended April 1, down from 51.19 million a year earlier.

Analysts on average had estimated iPhone sales of 52.27 million, according to financial data and analytics firm FactSet.

Expectations are building ahead of Apple’s 10th-anniversary iPhone range this fall, with investors hoping that the launch would help bolster sales.

Apple typically launches its new iPhones in September.

A big jump in sales usually follows in the holiday quarter, before demand tapers over the next few quarters as customers hold back ahead of the next launch.

Apple’s 10th-anniversary iPhone range might sport features such as wireless charging, 3-D facial recognition and a curved display.

 

About the Author
KING RICH is the President and Ceo of Street Illustrated Inc. From the Street to the Corporate World, he is committed to bringing the Urban Life Style to the Mainstream.

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