Apple recently announced its results for the second quarter. While Apple recorded a 4 per cent decline in overall sales, it stated that sales fell 10 per cent in iPhone, its largest source of revenue.
Apple left behind a tough quarter as expected. However, even in the difficult three-month period, the areas where Apple shines are quite valuable. While the company announced its results for the second quarter, the effects of the decline in China were felt in the results. Accordingly, there were significant declines in iPhone, wearable devices and iPad sales.
Apple generated total revenue of $ 90.75 billion in the quarter ended 30 March. The biggest share of this revenue came from iPhones with $ 45.96 billion. Services, the company's second largest source of revenue, generated $ 23.9 billion. In addition, Mac sales contributed $7.5 billion, iPad sales $5.6 billion, and other devices such as Apple Watch and VisionPro contributed $7.9 billion.
Apple's total revenue fell 4% during the quarter. Accordingly, iPhone sales fell by 10%. The company's net income fell 2% compared to the previous year to $ 23.64 billion. Apple experienced the biggest revenue loss in mainland China, Taiwan, Singapore and Hong Kong, referred to as Greater China. Revenue from here fell by 8%.
If we continue to look at item by item, as we said above, iPhone revenues fell 10%. However, iPad revenues fell 17%, and the Other "Products group" which includes products such as Apple Watch, AirPods, Vision Pro, fell 10 per cent. Where the company shone was the Services business. Revenue here increased by 14%. Another product that increased was the Mac family with 4%. Finally, Apple also announced that it will buy back $ 110 billion in shares. This will be the largest share buyback the company has ever done. This is expected to support Apple in the stock market.
