Tech giant Apple has recorded the biggest drop in iPhone sales since the early months of the COVID pandemic.
Sales for January to March were down 10% on the same period last year – something not seen since the 2020 iPhone model was delayed due to lockdown factory closures.
Overall, Apple earned $90.8bn (£72.4bn) in the latest quarter – down 4% from a year ago. It was the fifth consecutive three-month period that the company’s revenue dipped from the previous year.
Apple’s profit in the past quarter was $23.64bn (£18.85bn) – a 2% dip from a year ago.
It was good news, however, for the overall value of the company as its share price rose nearly 7% after investors had expected a bigger drop in sales.
Meanwhile, Apple chief executive Tim Cook has discussed how the company is set to use artificial intelligence (AI).
While rival Samsung introduced phones that can feature AI, including generative AI chatbots, Apple has yet to announce how it will be embedded into its iPhones.
The next iPhone is expected to feature AI microchips and bigger screens.
Apple will reveal the newest software when it holds its annual developers’ conference in June.
Generative AI could power phones to write software code, essays or create images based on a prompt by users.
Mr Cook said the company feels “very bullish about our opportunity in generative AI and we’re making significant investments”, adding: “We’re looking forward to sharing some very exciting things.”
