Apple’s iPhone sales decline in the fourth quarter

On Thursday, Apple Inc (AAPL.O) reported its most significant quarterly drop in iPhone sales in two years. The American multinational technology company said that most of its consumers decided to put off buying new devices amid the coronavirus crisis.

Apple’s shares went down by 5% in the afternoon trade, wiping $100 billion from its stock market value.

Apple stated that its fourth-quarter revenue and profit worth $64.7 billion and 73 cents per share ended on September 26, 2020. According to Refinitiv’s IBES data, analysts estimated $63.7 billion and 70 cents per share.

“What we’re seeing in the early going in the first five days gives us a lot of confidence that China will return to growth in our fiscal Q1,” Apple’s Chief Executive Tim Cook said.

“5G is a once-in-a-decade kind of opportunity. And we could not be more excited to hit the market exactly when we did. At least in the U.S., the carriers are being very aggressive,” he added.