Apple Braces For Sales Decline Amid Focus On AI In iPhones

Apple is expected to report its largest quarterly revenue decline in over a year as the tech giant grapples with slowing sales and increasing competition in the crucial Chinese market, Yuvraj Malik reported for Reuters.

Apple's shares, traditionally considered a must-own stock on Wall Street, have underperformed other major tech companies in recent months.

Analysts anticipate a 10.4% drop in iPhone sales, which constitute about half of Apple's revenue, marking the steepest decline in over three years. The decline in iPhone sales is attributed to concerns about Apple's slow rollout of AI services and the resurgence of competitors like Huawei in China.

Apple's shares, traditionally considered a must-own stock on Wall Street, have underperformed other major tech companies in recent months, falling more than 10% year-to-date.

Investors are closely watching Apple's efforts to integrate generative AI into its iPhones in a bid to revive sales and maintain its market position.