Apple has posted its steepest quarterly decline in iPhone sales since the pandemic’s outset.
FILE - In this June 16, 2020 file photo, the sun is reflected on Apple's Fifth Avenue store in New York. Apple will reports earnings on Thursday May 2, 2024. Apple on Thursday revealed its steepest quarterly decline in iPhone sales since the pandemic’s outset, deepening a slump that’s increasing the pressure on the trendsetting company to spruce up its products with more artificial intelligence.
But both Apple's revenue and earnings per share came in slightly above analysts projections, according to FactSet Research. Its stock rose more than 6% in extended trading after the news came out. The shares have fallen 10% so far this year, erasing about $300 billion in stockholder wealth.
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