Apple Experiences Worldwide Drop in Shares

Apple’s not been having the best time lately – in addition to poor Vision Pro sales, a massive lawsuit from the US government and regulatory mandates from the European Union, the Cupertino tech giant recently announced that sales of its iPhone models have fallen in several markets across the globe.

READ: The Vision Pro isn’t Selling Well as Apple had Hoped

According to new data, iPhone sales fell by more than 10% in the first three months of 2024; likewise, revenues across the company declined by 4% to $90.8bn, the biggest drop in more than a year. Interestingly, the company’s shares in Europe remained largely unaffected. It should also be noted that Apple’s share price rose in after-hours trading in New York.

Apple claims that the figures were distorted by Covid-related supply issues, resulting in unusually strong numbers throughout the same period last year. The company stated that sales would return in the coming months with upcoming product launches and AI prospects.

Recently, the company was reported to have reduced its orders for Vision Pro devices, following a sharp drop in demand in the United States. The company has also cut orders before launching the Vision Pro outside the US, forcing the company to re-evaluate demand elsewhere in the world.

Source: BBC