Apple has posted $84.3 billion in revenue for the first quarter of its fiscal 2019 which is a decline of 5 per cent from the previous year quarter. On the other hand revenue from its other products and services has mounted 19 per cent even though there has been slow iPhone sales.
Revenue from iPhone, at $52 billion, declined 15 per cent from the prior year while international sales accounted for 62 per cent of the total revenue, the company said in a statement late Tuesday. This is the first time that Apple did not disclose iPhone unit sales numbers.
“While it was disappointing to miss our revenue guidance, we manage Apple for the long term, and this quarter’s results demonstrate that the underlying strength of our business runs deep and wide,” said Apple CEO Tim Cook.
Apple stock were up 6 per cent at the end of trading. “Our customers are holding on to their older iPhones a bit longer than in the past,” he added during the company’s earnings call.