Apple’s shares jumped in after-market trading on Thursday despite the company reporting a decline in iPhone sales and a double-digit drop in its China market revenue in the last quarter.
The California-based company earned more than $69.1 billion in revenue from iPhone sales during the October-December period, falling short of analysts' expectations of more than $71 billion. It was nearly $564 million less than in the same period of 2023.
Apple's iPhones accounted for nearly 55.6 per cent of the company's total revenue in the last quarter. The December quarter marked the first full sales period for the company’s latest iPhone 16 series smartphones, during which Apple also introduced its in-house Apple Intelligence AI suite for the devices.
Apple's phone sales fell short of analysts' expectations by the widest margin in two years, since its fiscal first-quarter earnings report in 2023. Back then, the company attributed the shortfall to production disruptions in China, which limited the supply of iPhone 14s.
With a 23.2 per cent global market share, Apple sold 76.9 million iPhones on December quarter, a yearly drop of nearly 4 per cent, according to US market researcher International Data Corporation. It was followed by Samsung (15.6 per cent), Xiaomi (12.9 per cent) and Vivo (8.2 per cent).
After the announcement, Apple stock dropped 1.39 per cent to trade at $234.29 a share in after-hours trading on Thursday. But it rebounded to trade 3.32 per cent up at $245.47. It closed 0.74 per cent down at $237.59, giving the company a market valuation of $3.57 trillion. Its stock has dropped 2.57 per cent since the start of the year.
Apple's revenue during the three-month period that ended on December 30 jumped 4 per cent to $124.3 billion, exceeding analysts estimates of $124.1 billion. It was the company's record for quarterly sales.
Net profit during the holiday quarter jumped 7.1 per cent on a yearly basis to more than $36.3 billion. Earnings per share surged to $2.40 against the expectation of $2.35.
The company’s total revenue from its services division grew nearly 14 per cent annually to almost $26.3 billion, while revenue from wearables, and home and accessories products dropped 1.7 per cent annually to more than $11.7 billion. Revenue from iPads and computers increased 15.3 per cent to pass $17 billion.
“We are unlocking new possibilities for our users with Apple Intelligence, which makes apps and experiences even better and more personal … and we are excited that Apple Intelligence will be available in even more languages this April," said Tim Cook, Apple’s chief executive.
Apple is expecting “low to mid-single digits” sales growth in the current quarter on a yearly basis. In the services division, which has emerged as one of the most profitable units in the past quarters, Apple predicts a growth of “low double digits”.
The company said that the strong dollar is expected to elevate its total sales by nearly 2.5 per cent.
Growing challenges in China
The company’s overall sales, which include revenue from products and services, in the Greater China market (China, Hong Kong, Macau and Taiwan) dropped more than 11 per cent on annual basis to over $18.5 billion in the previous quarter. But it jumped 23.3 per cent on a quarterly basis driven by the sale of new iPhones and Apple watch in October and December.
Apple faced stiff competition in China from local brands such as Huawei, Vivo and Xiaomi.
Mr Cook told CNBC that iPhone sales were stronger in countries where Apple Intelligence is available. The software is limited to a few English-speaking countries and is not available in China or in Cantonese or Mandarin.
The Americas region led Apple’s sales. It accounted for nearly 42.3 per cent of the company's revenue, with more than $52.6 billion.
It was followed by Europe, which added more than $33.8 billion – up almost 11.4 per cent annually – to the company’s revenue.
Japan and the rest of the Asia Pacific market added nearly $19.3 billion to Apple’s sales, an annual jump of 7.5 per cent.
Apple said its board of directors had declared a cash dividend, payable on February 13, of $0.25 for each share of the company’s common stock.
“Our record revenue and strong operating margins drove EPS [earnings per share] to a new all-time record with double-digit growth and allowed us to return over $30 billion to shareholders,” said Kevan Parekh, Apple’s chief financial officer.
He said, without disclosing the exact number, that Apple’s active installed base of devices reached an all-time high across all products and all geographic segments in the last quarter.
Mohammed bin Zayed Majlis
The years Ramadan fell in May
Mohammed bin Zayed Majlis
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Two products to make at home
Toilet cleaner
1 cup baking soda
1 cup castile soap
10-20 drops of lemon essential oil (or another oil of your choice)
Method:
1. Mix the baking soda and castile soap until you get a nice consistency.
2. Add the essential oil to the mix.
Air Freshener
100ml water
5 drops of the essential oil of your choice (note: lavender is a nice one for this)
Method:
1. Add water and oil to spray bottle to store.
2. Shake well before use.
UAE currency: the story behind the money in your pockets
Mohammed bin Zayed Majlis
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More coverage from the Future Forum
Killing of Qassem Suleimani
The years Ramadan fell in May
Results
%3Cp%3E%0D%3Cstrong%3EElite%20men%3C%2Fstrong%3E%0D%3Cbr%3E1.%20Amare%20Hailemichael%20Samson%20(ERI)%202%3A07%3A10%0D%3Cbr%3E2.%20Leornard%20Barsoton%20(KEN)%202%3A09%3A37%0D%3Cbr%3E3.%20Ilham%20Ozbilan%20(TUR)%202%3A10%3A16%0D%3Cbr%3E4.%20Gideon%20Chepkonga%20(KEN)%202%3A11%3A17%0D%3Cbr%3E5.%20Isaac%20Timoi%20(KEN)%202%3A11%3A34%0D%3Cbr%3E%3Cstrong%3EElite%20women%3C%2Fstrong%3E%0D%3Cbr%3E1.%20Brigid%20Kosgei%20(KEN)%202%3A19%3A15%0D%3Cbr%3E2.%20Hawi%20Feysa%20Gejia%20(ETH)%202%3A24%3A03%0D%3Cbr%3E3.%20Sintayehu%20Dessi%20(ETH)%202%3A25%3A36%0D%3Cbr%3E4.%20Aurelia%20Kiptui%20(KEN)%202%3A28%3A59%0D%3Cbr%3E5.%20Emily%20Kipchumba%20(KEN)%202%3A29%3A52%3C%2Fp%3E%0A
Scoreline
Bournemouth 2
Wilson 70', Ibe 74'
Arsenal 1
Bellerin 52'
UAE currency: the story behind the money in your pockets
New Zealand squad
Tim Southee (capt), Trent Boult (games 4 and 5), Colin de Grandhomme, Lockie Ferguson (games 1-3), Martin Guptill, Scott Kuggeleijn, Daryl Mitchell, Colin Munro, Jimmy Neesham, Mitchell Santner, Tim Seifert, Ish Sodhi, Ross Taylor, Blair Tickner
More from Neighbourhood Watch:
RESULTS
5pm: Maiden (PA) Dh80,000 1,400m
Winner: JAP Almahfuz, Fernando Jara (jockey), Irfan Ellahi (trainer).
5.30pm: Handicap (PA) Dh90,000 1,400m
Winner: AF Momtaz, Antonio Fresu, Musabah Al Muhairi.
6pm: Handicap (TB) Dh100,000 1,400m
Winner: Yaalail, Fernando Jara, Ali Rashid Al Raihe.
6.30pm: Abu Dhabi Championship Listed (PA) Dh180,000 1,600m
Winner: Ihtesham, Szczepan Mazur, Ibrahim Al Hadhrami.
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,600m
Winner: Dahess D’Arabie, Fernando Jara, Helal Al Alawi.
7.30pm: Maiden (PA) Dh80,000 2.200m
Winner: Ezz Al Rawasi, Connor Beasley, Helal Al Alawi.
The%20specs
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Profile of MoneyFellows
Founder: Ahmed Wadi
Launched: 2016
Employees: 76
Financing stage: Series A ($4 million)
Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund
UAE SQUAD
Khalid Essa (Al Ain), Ali Khaseif (Al Jazira), Adel Al Hosani (Sharjah), Mahmoud Khamis (Al Nasr), Yousef Jaber (Shabab Al Ahli Dubai), Khalifa Al Hammadi (Jazira), Salem Rashid (Jazira), Shaheen Abdelrahman (Sharjah), Faris Juma (Al Wahda), Mohammed Shaker (Al Ain), Mohammed Barghash (Wahda), Abdulaziz Haikal (Shabab Al Ahli), Ahmed Barman (Al Ain), Khamis Esmail (Wahda), Khaled Bawazir (Sharjah), Majed Surour (Sharjah), Abdullah Ramadan (Jazira), Mohammed Al Attas (Jazira), Fabio De Lima (Al Wasl), Bandar Al Ahbabi (Al Ain), Khalfan Mubarak (Jazira), Habib Fardan (Nasr), Khalil Ibrahim (Wahda), Ali Mabkhout (Jazira), Ali Saleh (Wasl), Caio (Al Ain), Sebastian Tagliabue (Nasr).
The%20specs
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Mohammed bin Zayed Majlis
Killing of Qassem Suleimani
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
The 100 Best Novels in Translation
Boyd Tonkin, Galileo Press
The%20specs
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If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
UAE currency: the story behind the money in your pockets
Seven%20Winters%20in%20Tehran
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Zayed Sustainability Prize
The years Ramadan fell in May
Company%20profile
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Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
States of Passion by Nihad Sirees,
Pushkin Press
