iPhone Sales Are Down 15% Annually, But Sorry Android Fans Apple Still Earned $84 Billion

We all know that Apple was struggling to sell newer iPhones launched last year, mainly because of its expensive price tag. And now there's evidence for the same.

For all of you Android fans out there, before you start celebrating, know that Apple's stock price still increased by 6 percent, as the company posted huge revenues in its App, Wearable and Mac business.

reuters

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Apple last night announced financial results for October-November-December 2018 quarter. Its total revenue was $84.3 billion, a decline of 5 percent from same quarter in 2017, and quarterly earnings per diluted share of $4.18, up 7.5 percent.

As expected, iPhone revenue declined by 15 percent from the prior year, but total revenue from all other products and services grew 19 percent at the same time. This is has allowed Apple to absorb the iPhone losses and still end the quarter pretty strongly.

Tim Cook has reason to smile

"While it was disappointing to miss our revenue guidance, we manage Apple for the long term, and this quarter¡¯s results demonstrate that the underlying strength of our business runs deep and wide," said Tim Cook, Apple's CEO, in a statement released by the company.

He also mentioned that Apple devices reached an all-time high user base of 1.4 billion, which is a "great testament to the satisfaction and loyalty of our customers."

Reuters

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What saved Apple was essentially how well the rest of the company's business units grew rapidly, cutting most of the iPhone losses.

Revenue from App Store reached an all-time high of $10.9 billion, up 19 percent over the prior year. If that wasn't enough, Apple also indicated that revenue from Mac and Wearables, Home and Accessories also reached all-time highs, growing 9 percent and 33 percent, respectively. Even Apple's iPad revenue grew by a solid 17 percent.

For the coming quarter, iPhone sales are still a big question mark, due to the continuing US-China trade war. Let's see what next quarter's Apple numbers look like.