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Apple reports slowest sales ever of its market-leading iPhone

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Apple has reported the slowest sales ever of its market-leading iPhone, after years of rocketing growth, but the tech giant still posted record quarterly profit.

Net income for the quarter ending December 26 was two per cent higher than the same period a year earlier at USD 18.4 billion, while revenue of USD 75.9 billion set another record for the company, also edging up two per cent.

The results were largely in line with expectations that sales of iPhones — the driver of two-thirds of Apple revenue — had peaked and that the company would need to find new sources of growth.

Apple shares have slid 20 per cent since last year on these concerns. But in after-market trade yesterday the stock was down a modest 0.7 per cent at USD 99.30.

“Our team delivered Apple’s biggest quarter ever, thanks to the world’s most innovative products and all-time record sales of iPhone, Apple Watch and Apple TV,” chief executive Tim Cook said in an earnings release.

“The growth of our services business accelerated during the quarter to produce record results, and our installed base recently crossed a major milestone of one billion active devices.”

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