The company posted revenue of $84.3 billion, which is the first holiday quarter decline in sales since the iPhone's introduction.
Chief Executive Tim Cook, who is in regular contact with US President Donald Trump, told Reuters he sees some hope that trade tensions between the United States and China have eased, and that the company is considering pricing its phones in local currency in China and other global markets, which may spur sales. As a point of reference, Apple during the same quarter a year ago posted revenue of $88.3 billion and EPS of $3.89. Services gross margin hit 63 percent.
By contrast, streaming service Netflix Inc ended 2018 with 139 million paid subscribers and Amazon.com Inc has more than 100 million subscribers to its Prime shipping and content service. Apple keeps up to 30 percent of the payments it handles. Total services revenue this quarter came out to $10.9 billion, up around 19 percent from Q1 past year.
China says United States should bear consequences of Venezuela sanctions
American companies will only be allowed to buy Venezuelan oil if the payment goes into an escrow account set aside for the rival government of Juan Guaidó .
The firm had blamed the issues partly on an economic slowdown in China. Apple's warning was its first in more than 15 years.
"When you look at foreign currencies and then particularly those markets that weakened over the past year those (iPhone price) increases were obviously more", Cook told Reuters.
Apple is due to report its latest quarterly earnings later Tuesday amid intense investor interest in the company's financial health. Global sales accounted for 62 percent of the quarter's revenue.
Tennis champ Andy Murray confirms hip operation, metal joint implant
Former world number one Andy Murray has undergone a hip resurfacing surgery in London , the 31-year-old Scot said on Tuesday. It is the second round of surgery on the troublesome joint, 12 months after the first one, which did not solve the issue.
Apple predicted its revenue for the January-March period will range from $55 billion to $59 billion.
In a report on Monday, The New York Times cited sources who said Apple's attempts at assembling the Mac Pro in Texas in 2012 were delayed when the company failed to source enough screws from the U.S. According to the report, Apple needed easy access to thousands of screws to put the Mac Pro together. But he also pointed to shifts in foreign exchange values that made Apple products more expensive in certain markets. The company's net income for the quarter was $19.9 billion United States dollars. During that quarter Apple sold 77.3 million iPhones, 13.2 million iPads, and 5.1 million Macs. Apple has publicly said it plans to draw its net cash position to zero.
Saudi Arabia to spend $27 bln on industrial strategy
The kingdom's infrastructure - from roads to water supply - was ranked 40th among 140 nations in the World Economic Forum's latest Global Competitiveness Report.