- Shares of Apple were down on Friday after the company reported lower year-over-year revenue for its flagship products in the third quarter, although the company beat estimates on earnings per share and revenue.
- Apple reported iPhone revenue for the quarter was $39.67 billion, compared to $40.67 billion during the same period last year.
- CFO Luca Maestri told analysts that Apple expects similar sales results in the following quarter.
Read More at cnbc.com
- In its third-quarter earnings report on Thursday, Apple reported a decline in sales for its most iconic hardware products.
- Offsetting the hardware softness is accelerating growth in the services business, a major profit driver.
- The services division’s growth was “better than we expected,” Apple CEO Tim Cook said.
Read More at cnbc.com
- India’s smartphone market stabilized in the second quarter with 36.1 million units shipped, according to a report by Canalys.
- “With a troubled few quarters behind us, the market has finally gained momentum heading into the second half,” Sanyam Chaurasia, analyst at Canalys said.
- Samsung continued to dominate in the second quarter, claiming about 18% market share with 6.6 million shipments, according to Canalys.
Read More at cnbc.com
- India became Apple’s fifth largest iPhone market in the second quarter for the first time, overtaking France and Germany, according to Counterpoint Research.
- India contributed close to 4% of all iPhone sales in the second quarter, growing 50% year-on-year.
- The rapid growth in India comes as Apple ramps up its presence in the world’s fifth-largest economy from both a retail and manufacturing perspective.
Read More at cnbc.com
- China's Xiaomi will focus on boosting its India sales from retail outlets after years of big bets on e-commerce, its India president said, as the company seeks to revive smartphone sales after falling behind South Korea's Samsung.
- E-commerce sales in India via Amazon and Walmart's Flipkart have surged in recent years, helping Xiaomi and others expand in one of the world's fastest-growing markets, with 600 million smartphone users.
Read More at reuters.com
