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Apple earnings see 10% iPhone sales drop, massive buyback fuels stock jump

Apple on Thursday reported a 10% drop in iPhone sales for the second fiscal quarter, dropping from $51.3 billion to $45.9 billion, year-over-year. The

Apple’s slow adoption of AI versus competitors like Google and Microsoft likely played a role in consumers’ decision to hold off on purchasing a new iPhone. Apple has long anticipated a slowdown in hardware sales, and its increasing focus on subscription services have helped to make up for some of that loss. The company is expected to release two new iPads at a standalone event next week, along with the M4 chip — the latest addition to the Apple Silicon line.

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