Apple has announced financial results for its 1Q24 ended December 30, 2023, as the company recorded a quarterly revenue of $119.6 billion, an increase of 2% YoY, and a new all-time high earning per share (EPS) of $2.18, an increase of 16% YoY.
Meanwhile, those results were made obscure by the drop in the company’s revenue in China, which declined by 13% YoY, as the 1Q24 $20.82 billion sales missed the $23.53 million expectation from LSEG.
The share price of Apple fell more than 4% in an extended hours on Thursday after the company announced the details of its outlook, pointing to a weakness in iPhone sales.
The data affirmed concerns from some analysts that iPhone is losing its place in the China market, where consumers are more interested in buying foldable phones, while, according to a Reuters report, Apple CEO Tim Cook admitted that China is the most competitive smartphone market in the world.
