Apple signaled to Wall Street that the worst of the iPhone decline is behind it, as it reported another slump in smartphone sales on Tuesday.
The Cupertino-based company has come under pressure to prove that its flagship product can grow again after reporting a 15 per cent drop in iPhones sold in the three months to June. Overall revenues fell 15 per cent to $42.4bn, with net income down 27 per cent to $7.8bn.
Nonetheless, Luca Maestri, Apple’s chief financial officer, said that iPhone sales fell at a slower rate than they had done in March, which he said had “turned out to be the low point for our cycle”. Apple shares rose 5 per cent after-hours on the more positive outlook.
Follow Tim Bradshaw and Richard Waters as they report live reaction to the results and commentary from Tim Cook, Apple chief executive, and Mr Maestri on the conference call with analysts.
We’ve had Facebook’s F8, Microsoft’s Build and Google I/O. The final event in the spring tech-conference calendar is Apple’s Worldwide Developers conference.
Tim Bradshaw and Richard Waters deliver all the news and live reaction from San Francisco’s Bill Graham Civic Auditorium for as Tim Cook and co take to the stage for WWDC 2016.
Apple is a company that thrives on surprises to promote its products. But it is actually a creature of habit, especially when it comes to launching its flagship device, the iPhone.
So when Apple deviates from the well-established patterns of years gone by, as it did on Monday, it stands out – raising questions from analysts about why. Read more
Apple took over one of the largest venues in San Francisco for the launch of its latest iPhone on Wednesday.
Tim Cook, Apple’s chief executive, climbed on the stage of the Bill Graham Civic Auditorium to unveil an updated iPhone 6S with enhanced touchscreen capabilities, a better camera and a new “rose gold” finish. The new smartphone was upstaged by the long-awaited overhaul of Apple TV, with Siri voice control, a new remote and a full App Store, bringing iOS games to the living room for the first time. New Apple Watch features and a supersized iPad Pro made appearances too. Tim Bradshaw and Richard Waters covered the event.
Apple more than doubled its sales in China to nudge third-quarter revenues and earnings just ahead of market forecasts. But a shortfall in iPhone sales compared with Wall Street’s forecasts caused the stock to tumble by as much as 8 per cent after-hours on Tuesday. Revenues for the three months ending in June were up 33 per cent to $49.6bn with earnings up 45 per cent to $1.85 – the ninth consecutive quarter that Apple has beaten earnings forecasts. Sales of the iPhone rose 35 per cent to 47.5m units, below the 49m Wall Street was looking for, while Chinese revenues jumped 112 per cent to $13.2bn. Tim Bradshaw brings live reaction to Apple’s earnings and updates from its earnings call with chief executive Tim Cook.
Expectations are high as Apple prepares for its biggest event since the launch of the iPad four years ago. At the Flint Center in its Cupertino backyard, Apple is expected to unveil not just new iPhones but a push into payments and wearable devices. Tim Bradshaw and Richard Waters bring live updates from the event, with input and insights from other FT reporters around the world.
Will the expected launch of a new iPhone later today – and perhaps an “iWatch” – give a boost to Apple’s share price or trigger a decline? Read more
Apple has sent invites out to members of the media for a September 9 launch event at which it is expected to unveil new iPhones and potentially a new wearable device.
The looming launch of what pundits have dubbed the iWatch will make this Apple’s most closely watched event since Steve Jobs unveiled the iPad in 2010. Read more
Tim Cook onstage at an Apple launch (Reuters)
Apple just announced that its biggest new slate of product launches in years is finally arriving soon.
This declaration came not from a black-clad stage or rising on a spotlit podium, but buried in a regulatory filing following Wednesday’s quarterly earnings. Read more
Here’s Apple’s play in the world of cars, and it’s called, er, CarPlay. Read more
The world’s most popular smartphone range is finally available to subscribers of the world’s biggest mobile carrier. Yes, the iPhone today went on sale to China Mobile subscribers.
But it does not come cheap. It is not quite Brazil prices (R2,799, or US$1,184 for the 16GB iPhone 5s from the Apple store) but iPhone in China is more expensive than it is in the US, at Rmb 5,288 ($872) versus $649 for the iPhone 5S 16GB. Read more
Apple may have beaten Wall Street’s revenue and profit expectations with its latest quarterly earnings on Monday, but the market’s skittishness about the durability of its profit margins was much in evidence. Earnings guidance, on the face of it, seemed to point to steady margin erosion in the coming months. But Apple was able to silence the doubters – for this quarter, at least.
Read on for details of the earnings and our coverage of the earnings call as it happened.
Environmentally conscious or just clumsy people buying a smartphone are better off with a new Samsung or Motorola than with one of the new iPhones.
A new ranking from iFixit, a group that specialises in tearing apart phones to figure out to repair them, looks how easy it is to fix the top smartphones on the market. Read more
Backlash? What backlash? Adoption of Apple’s latest update to iOS has been strong in its first 24 hours, despite fears that some iPhone owners would freak out at its bright colours and new design. Installs of iOS 7 are ahead of iOS 6 at the same point last year, according to external estimates. Read more
Mobile operators have warned that customers shouldn’t expect to easily buy an iPhone 5s when it goes on sale this weekend – but there will be plenty of the cheaper multi-hued 5c model lying around for the casual Apple fan.
While sell-outs are expected of Apple’s latest premium iPhone 5s in many phone stores this weekend in the UK, the colourful, lower cost device will be well-stocked, according to several operator sources close to the retail end of the business. Read more
Here’s our digest on the conclusions of the top US and UK reviewers ahead of the 5s and its cheaper, plastic sibling, the 5c, going on sale on Friday. Read more
Wall Street doesn’t like the new iPhone 5c.
After briefly trying out the new smartphone at its launch on Tuesday, I think it’s going to sell in record volumes for Apple. Read more
It’s the biggest day in the Apple calendar: the iPhone launch. This year, for the first time, Apple unveiled two new smartphones: the upgraded 5S, with a 64-bit chip and fingerprint scanner, and the all-new 5C, with plastic casing in a handful of colours.
Tim Bradshaw was at Apple’s Cupertino headquarters and April Dembosky reported from San Francisco.