Apple shares dip as iPhone sales show slight decline

May 03, 2017, 7:28 AM EDT
(Source: home thods/flickr)
(Source: home thods/flickr)

Apple’s shares slumped by about 1.9 percent in after-hours trading as the most valuable listed company recorded a surprise dip in iPhone sales for its second quarter on Tuesday. Apple boss Tim Cook and other analysts attributed the drop in sales to a momentary “pause” as customers are waiting for the 10th-anniversary edition of the iPhone.

The California firm, however, reported 4.6% rise in revenue, which fell short of meeting the analyst’s forecasts, writes the BBC.

Apple's 10th-anniversary iPhone is rumored to feature wireless charging, 3-D facial recognition and a curved display, and apparently, these big upgrades prompted the customers to hold back in the last quarter, notes Reuters.

TAGS: Apple