Apple iPhone Sales Reportedly Down by 10%, Higher Price May be The Culprit

In its second fiscal quarter spanning January 1 to March 30, 2024, Apple unveiled mixed financial results. While iPhone sales plummeted by 10% annually, Services surged to record levels, marking a 14% increase from last year.

Asir Fatagar

May 14, 2024 • 2 min read

Photo by Daniel Romero / Unsplash

According to GSM Arena, Cupertino's overall revenue stood at $90.75 billion, a slight 4% decrease from the previous year, with net income at $23.63 billion, down year-over-year. Sales downturns were particularly notable across Asia, with Greater China, Japan, and Rest of Asia Pacific experiencing declines.

However, Apple Services exceeded expectations, hitting $23.9 billion, prompting anticipation of another robust quarter ahead. Additionally, Apple's board sanctioned a monumental $110 billion stock repurchase program, alongside a 4% rise in cash dividends to 25 US cents per share.

iPhone sales down by 10%

YouTube page TLDR Business suggests that the decline in sales is in lieu of the more robust design that the iPhones of today have. Prior to the iPhone 7, the Apple smartphones would generally last around 2 years. However, the newer models come with stronger processors and build, they are lasting around 4 years.

Additionally, the commenters feel that the phones are becoming more expensive. A user wrote, “Too expensive and lack of innovation. It is getting to the point we are gonna have smartphone loans like we do auto loans.”

There have been speculations years ago in lieu of the price increases these devices have. Some think that in the near future, we may take out a lengthy loan period for our smartphones. Others add that repetitive design is not sitting well with consumers as nobody will know you bought the latest model.

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iPhone sales down by 10%

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