Last updated on December 8th, 2022 at 02:31 pm
For years, Apple has regularly released new iPhones in September.
Apple’s iPhone 12 series of smartphones went on sale exactly a week ago, with the smartphones hitting the market later than usual, which led to a sharp drop in iPhone sales in the quarter ended September 30.
Apple lost $ 100 billion due to iPhone 12
According to Reuters, the shares of the Cupertino-based company fell more than 5% after the publication of the financial report (at the time of publication of the note, the shares fell even slightly). This resulted in a $ 100 billion drop in the company’s market value. Recall that over the years, Apple has regularly released new iPhones in September. But due to the ongoing coronavirus pandemic, the company had to postpone the release of new smartphones for a whole month.
While sales of Mac computers and AirPods surged during this period and overall revenue and profits exceeded expectations, iPhone sales fell 20.7% to $ 26.4 billion.
Apple CEO Tim Cook said that “5G is a once-in-a-decade opportunity. And we’re thrilled to hit the market with the iPhone 12 at this very moment. What we see at the start of the first five days gives us a lot of confidence that China will return to growth in the current quarter. ”
