Apple reported that revenue for the second quarter fell 5% to $58 billion from a year earlier, with iPhone sales declining 17%. That category brought in $4.9 billion in sales, up from $4 billion a year ago.
It was the sixth consecutive quarter of decline for global smartphone shipments, the market tracker added.
"It was our best quarter ever for services, with revenue reaching $11.5 billion", Cook said. Revenues in the Americas were slightly higher, while Europe and the rest of the world showed slightly lower revenues. In line with its latest performance, Apple's CFO Luca Maestri mentioned to shareholders that they should expect strong revenue growth from the firm's non-iPhone products in the coming quarter.
Sales for the wearables division, which includes Apple's smartwatch, AirPods wireless headphones and HomePod smart speaker, grew by 30% to $5.1 billion. Services also continued solid growth, up 16.2 percent to Dollars 11.45 billion.
iPhone sales slumped from about 61 per cent of Apple's revenue quarterly revenue in Q2 2018 to 54 per cent in Q2 2019.
Reiterating that India is an important market for Apple, CEO Tim Cook said the current iPhone manufacturing will see maximum growth in days to come amid the renewed push to open its branded retail stores in the country.
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Cook talked about the India market while responding to a question an analyst asked at Apple's Q2 2019 earnings call.
Apple on Tuesday said it has 390 million subscribers to both its own and third-party services on its devices. Actual net income declined 16.3 percent to US$11.56 billion. UBS Group set a $185.00 price objective on Apple and gave the stock a "buy" rating in a research report on Monday, January 28th.
This is even more impressive when you take into consideration the fall in overall sales.
Still, while Apple's stock has ticked up recently and done mostly well over the years, any individual stock can over- or underperform and past returns do not predict future results.
Apple (AAPL) - and Apple investors - have been touting the opportunity represented by the services business for years. This likely will balloon going forward too, with Apple last month showing off a range of new services including Apple TV Plus, Apple News Plus and its Apple Arcade gaming service.
Maybe it's that iPhones keep getting more and more expensive at a time when consumers have realised the price premium isn't worth it in an age of excellent mid-range phones, or just that consumers are upgrading less often.