Apple heads for largest Q3 revenue drop since 2016 as iPhone sales slow

IPhone sales likely fell more than 2% in the period, according to 24 analysts polled by Visible Alpha

is likely to report a dip in iPhone sales in the April-June quarter as shoppers held out for a new model in a slow economy, making it important for the company to detail how it is using artificial intelligence to augment growth, analysts said.

The quarterly report could mark a break from an upbeat earnings season for the likes of Meta Platforms, Alphabet and Microsoft that have shown resilience in their cloud businesses and an uptick in digital ad sales. Apple traditionally does not provide quarterly outlook, but analysts expect the company may elaborate how it is using AI to improve its upcoming products.

Apple’s shares have gained more than 50% so far this year, compared with a nearly 37% increase in the tech-heavy Nasdaq Composite. “Most investors feel a soft China could pose a risk to the numbers and further commentary, but Apple’s position in China is on a solid footing and the company is likely to see only a small, if any, decline in iPhone sales,” Piper Sandler analysts said.

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