The Apple iPhone 12 series was just recently launched. However, its announcement arrived later than when the company traditionally launches its annual flagship, which caused it to see the sharpest quarterly decline in iPhone sales in two years.
According to a Reuters report, the Cupertino based giant fell by over 5 percent during a point in after hours trade. This had the company’s stock market value fall by a sizeable 100 billion US Dollars. For those unaware, Apple annually launches its iPhone series every September. But due to the ongoing Coronavirus pandemic, the company had to delay the announcement by an entire month.
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Despite Macs and AirPods seeing an increase in sales during this period with the overall revenue and profit surpassing expectations, iPhone sales had plummeted by 20.7 percent down to 26.4 billion US Dollars. While lower sales had been anticipated, the holdback from consumers right before the launch of the new iPhones turned out to be a lot worse than what was initially projected, especially in China, where smartphone users already have access to 5G networking.
But apart from the initial shock, the company has outperformed its own expectations. In 2020, its product launches and services were also received fairly well. Tim Cook, Apple Chief Executive stated that, “5G is a once-in-a-decade kind of opportunity. And we could not be more excited to hit the market exactly when we did.” He further added that, “What we’re seeing in the early going in the first five days gives us a lot of confidence that China will return to growth in our fiscal Q1.”
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