Reed Albergotti, The Washington Post Published 4:04 pm PDT, Tuesday, April 30, 2019 Apple, which touts more than a billion of its devices in use around the world, is trying to steer the attention of Wall Street away from falling iPhone sales and toward services. The device-maker on Tuesday said sales of iPhones continued to fall in the fiscal second quarter, dropping 17% from a year ago. Its services business grew 16% in the quarter. Services are all the things Apple tries to sell its customers after they've purchased one of its devices, services like Apple Music, iCloud storage and AppleCare warranties. Its quarterly services revenue was $11.45 billion, up from $9.85 billion a year ago. But iPhone sales are still nearly three times as large, at $31 billion in the quarter. In March, Apple put the spotlight on new services it's rolling out to try to make up for flagging iPhone revenue. Celebrities like Oprah Winfrey and Steven Spielberg stood onstage at the company's … [Read more...] about Apple says its services business grew as fast as iPhone sales fell
Expected iphone 6 price drop
Mae Anderson AP Technology Writer Published 5:28 PM EST Jan 3, 2019 New York – Behind Apple’s disconcerting news of weak iPhone sales lies a more sobering truth: The tech industry has hit peak smartphone, a tipping point when everyone who can afford one already owns one and no breakthroughs are compelling them to upgrade as frequently as they once did. Some manufacturers have boosted prices to keep up profit. But Apple’s shortfall highlights the limits of that strategy. The company said demand for iPhones is waning and revenue for the last quarter of 2018 will fall well below projections, a decrease traced mainly to China. Apple Inc.’s $1,000 iPhone is a tough sell to Chinese consumers unnerved by an economic slump and the trade war with the U.S. They also have a slew of cheaper smartphones from homegrown competitors such as Huawei, Xiaomi and Oppo to choose from. Apple’s shares dropped 9 percent Thursday on the sales slump forecast as the company … [Read more...] about Weak iPhone sales signal smartphone market has peaked
Mae Anderson, Ap Technology Writer Updated 12:04 pm PST, Thursday, January 3, 2019 The Apple logo is displayed at the Apple store in the Brooklyn borough of New York, Thursday, Jan. 3, 2019. Apple's shock warning that its Chinese sales are weakening ratcheted up concerns about the world's second largest economy and weighed heavily on global stock markets as well as the dollar on Thursday. less The Apple logo is displayed at the Apple store in the Brooklyn borough of New York, Thursday, Jan. 3, 2019. Apple's shock warning that its Chinese sales are weakening ratcheted up concerns about the world's ... more Photo: Mary Altaffer, AP Photo: Mary Altaffer, AP Image 1 of / 5 Caption Close Image 1 of 5 The Apple logo is displayed at the Apple store in the Brooklyn borough of New York, … [Read more...] about With slump in iPhone sales, are we post Peak Smartphone?
By Adam Jourdan SHANGHAI (Reuters) - China is gearing up for the biggest shopping event of the year on Sunday, a day dominated by e-commerce giant Alibaba Group Holding Ltd <BABA.N> which saw $25 billion worth of goods sold on its platforms alone in the 24-hour period last year. Akin to Black Friday and Cyber Monday in the United States, "Singles' Day" has become something of a litmus test for the strength of Chinese consumption, which is coming under pressure amid rising trade Sino-U.S. tensions and a wider economic slowdown. Companies in China are already seeing the effect of rising caution among the country's shoppers. Car sales are down sharply this year, box office receipts have slowed and brands are facing pressure to roll out discounts to prop up sales. Alibaba itself lowered its full-year sales forecast earlier this month due to concerns about the trade spat, while the firm's core commerce business saw its slowest quarterly sales growth since 2016. As such, China's … [Read more...] about Spenders or thrifters: As Singles’ Day nears, are China’s shoppers about to drop?
Stocks fell on Tuesday as corporate results from Caterpillar and 3M disappointed investors. The Dow Jones Industrial Average dropped 216 points, with Caterpillar and 3M as the biggest decliners. The S&P 500 declined 0.8 percent as the industrials and energy sectors underperformed. The Nasdaq Composite fell 1 percent, briefly entering correction territory as investors continue to dump tech-related shares such as Amazon. The small-caps Russell 2000 dropped 0.8 percent and turned negative for the year. At its session lows, the Dow had fallen 548.62 points, while the S&P 500 and Nasdaq had lost more than 2 percent each. "We broke below that 2,700 level on the S&P 500 and buyers came out of the woodworks," said Jeff Kilburg, CEO of KKM Financial. "I think people were waiting for this and are now more comfortable" buying at these levels. But while he finds the move to be impressive, Kilburg said there will be more volatility moving forward. Five market experts break down how to … [Read more...] about Dow Drops More Than 200 Points After Disappointing Earnings, But Stocks Well Off Lows