Apple beats Wall Street iPhone sales outlook. More here:
Services revenue rose 12.6% to $11.46 billion, slowing and slightly missing expectations but setting a new record.
Hal Eddins, chief economist for Apple shareholder Capital Investment Counsel, said he was pleasantly surprised to see iPhone sales declines slow down versus the prior quarter. FILE PHOTO: A customer checks Apple watches at the grand opening of the new Apple Carnegie Library store in Washington, U.S., May 11, 2019. REUTERS/Joshua Roberts/File Photo
Trade tension has slowed down economic growth in China, a major market for Apple, which effectively cut iPhone prices in China earlier this year after currency exchange rates had made its phones too expensive for many Chinese consumers. “Our trade-in and financing programs are doing extremely well in China,” Cook told Reuters. “Because of the active installed base is growing in China, our services business is doing very well, growing double digits.”
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