Apple revenues drop by a third in Greater China as it admits another disappointing quarter
Apple has seen a 33 per cent drop in revenue from Greater China year-on-year, according to its Q3 2016 results.
Apple revenues drop year on year
The technology behemoth released its latest financial results yesterday, revealing that revenue globally declined 14.6 per cent to $42.36 billion from $49.6 billion a year earlier.
Greater China helped drive some of this decline, over indexing on this drop as revenues fell by a third over the year. According to Tech in Asia, Apple CEO Tim Cook was asked about its investment in Chinese Uber rival Didi, to which he said it’d help the business learn more about China.
Overall, Apple said net income was $7.8 billion in the third quarter that ended June 25, down from $10.68 billion year-on-year. Earnings per share fell to $1.42 from $1.85. Despite this, shares rose more than 6 per cent on the day the news was announced.
Apple launched its smaller phone iPhone SE in March but sales have failed to meet that of the launch of the big screen iPhones of previous years.
According to Apple, sales of iPhone, iPad, and Mac all dropped year-on-year and the iPhone took the most significant hit, dropping 15 per cent year-on-year.
Apple does have its eyes on other revenue streams in the future and it emerged yesterday that the company was bringing its former VP of technologies out of retirement to head up its automated cars project.