The tech-giant Apple on Wednesday reported its first-ever drop in iPhone sales since its launch in 2007. This was a big blow to the company as the tech giant's long streak of rising revenue ended.
According to media reports, iPhone sales dropped year-over-year for the first time, slipping to 51.19 million in the recently ended quarter compared with 61.17 million in the same period a year ago.
Adding to more woes to the company, even profits fell as the company reported a net income of $10.5 billion in the fiscal quarter to March 26 from $13.6 billion last year.
So, Apple is anticipated to be losing its "world's largest company by profit and market value" tag very soon.
Why we don't need Apple’s phone in India?
With the rising prices and falling demand, Apple is losing its shine in India. However, statistics say that the company only bright spot now is India. The India markets have grown for the company and now they consider India as their emerging market but the big question is, does India really need Apple’s phone?
Analysts said it was not surprising to see the drop given the saturation of the global smartphone market.
Apple which is making inroads into wearable market with its Apple watch is shifting focus from its smartphone market.
With its recent launch of iPhone SE, the company termed the 4-inch phone to be the most powerful one. Before launching the so-called 5SE, Apple reduced the prices of its iPhone 5S which did increase its demand but never helped the company increase revenues. And there were reports that Apple will hike iPhone prices in India by 29% in order to make up for poor sales of the recently launched iPhone 5SE.
But Apple denied those reports.
If we believe the recent media reports, Apple had admitted that the life expectancy of its iPhones is just three years. According to a Forbes report, the company said that Apple products can be expected to remain problem-free only up to about four years.
So, why are we spending so much money on your iPhone when it won't last for more than three years? Isn't a Rs 5,000 worth Lava phone enough?