Apple says iPhone sales grow at slowest pace since launch

Will investors have to wait until 2019 or 2020 – the supposed release date of Apple’s electric auto – for another hit product to drive growth? It also plans to open more stores in the country.

“We’re in a challenging global macroeconomic environment”.

“This is an unbelievable asset for us”, Cook said Tuesday on a conference call with investors.

The iPhone is already known for having one of the best smartphone cameras on the market, but imagine the power of having not one but two rear-facing cameras to capture the shot you want. And the results are not great. However, Apple’s revenue in the US and in Japan tumbled. That’s not a bad haul for a business that Apple was largely keeping a secret up until this week.

“They have other products, and have the potential to launch other products, but the hole left from an iPhone slowdown is too big to fill”, said Abhey Lamba, an analyst at Mizuho Securities USA.

Apple shares fell by ~2% in after-hours trading. The company averaged only about 450,000 smartphone shipments per quarter in India in 2015, compared with more than 15 million per quarter in China, Shah said.

In an earnings call in which the company reported meagre iPhone growth and forecast its first revenue drop in 13 years, the Indian market stood out as a rare bright spot for Apple.

The company’s introduction of the iPhone 6 Plus a year earlier makes comparisons look particularly dire; Zino said that the market and Apple’s associated businesses will expect a rebound – and then some – from the announcement of the iPhone 7.

But suggesting there is still room for growth, 60 percent of people who had an iPhone prior to the launch of the iPhone 6 have yet to upgrade to an iPhone 6 or 6S, Cook said. His comments focused on new areas of growth, such as services like Music, Pay and iCloud for the 1 billion Apple devices that were used last quarter.

Looking at the next fiscal quarter of 2016, Apple projects revenue between $50 billion and $53 billion; gross margin between 39% and 39.5%; operating expenses between $6 billion and $6.1 billion; and a tax rate of 25.5%. The iPad accounted for 20% of overall AAPL revenue.

The technology giant’s revenue in China surged 14 percent to a record of $18.40 billion. The Surface also competes with the iPad in the consumer space, where the uber-low-cost Amazon.com, Inc. It’s not as if this is the first time Apple deals with supply chain constraints, and the company didn’t opt for multiple models.

Apple is used to being the overachieving popular kid in Silicon Valley, but the iPhone maker is about to face its most hard quarter since the first iPhone was announced, after the company forecast a decline in sales.

Apple’s stock has lost a quarter of its market value since April 28, when it hit a record high of US$134.54.