Apple's iPhone Sales Dip 10% in March Quarter, But Stock Surges Following $110 Billion Buyback
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The company also announced an $110 billion stock repurchase plan, significantly higher than the $90 billion it set aside last year. During the earnings call, Tim Cook highlighted that the company had replenished iPhone channel inventory and worked down a significant amount of pent-up demand in the December quarter from COVID-related supply shocks. This helped boost last year's March quarter revenue by about $5 billion, which was a one-time benefit that was not included in this year's quarter.
Apple Witnesses Over 19% Drop in China Phone Sales During Q1
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Senior Research Analyst Ivan Lam noted, "Apple’s sales were subdued during the quarter as Huawei’s comeback has directly impacted Apple in the premium segment. Besides, the replacement demand for Apple has been slightly subdued compared to previous years."
Apple's Initiative: Assembling iPhone Camera Modules in India to Reduce Reliance on China
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The absence of Indian suppliers for the sophisticated iPhone camera module underscores the potential significance of this move, potentially reducing Apple's reliance on Chinese suppliers.
Tim Cook Spreads Holi Cheer with Vibrant iPhone Capture
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In other news, Apple's revenue in India witnessed a significant surge, marking an impressive 42% increase year-on-year, totaling $8.7 billion, as highlighted in a recent report by foreign brokerage Morgan Stanley (NYSE:MS).
Apple doubles pre-orders for new iPhones in India from last year, gears up for bumper Diwali
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Apple doubling the pre-orders from last year’s iPhone 14 series indicates the company has made deeper inroads in the Indian smartphone market, driven by the premiumisation trend that is now maturing, uptick in first-time users who are shifting from Android to the Apple ecosystem and a young, aspirational population.
Apple Vision Pro headset not the one I want: Zuckerberg
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During the companywide meeting, Zuckerberg said that Apple's device didn't introduce any major advancements in technology that Meta hadn't "already explored", reported The Verge on Friday. He also stated how Meta will be able to reach a larger user base due to the Quest 3 headset's lower pricing of $499 as compared to the Vision.
US market important for Nothing Phone (2): Carl Pei
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In an interview with Forbes, Pei said that they have seen encouraging results with Phone (1). "With the US being a very Apple dominated market with no real option for people looking for an alternative, it represents a good opportunity for Phone (2)," Pei was quoted as saying.The Phone (2) is going to house a 4,700mAh capacity.
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