Your next iPhone could cost you much less.
Apple has signalled it is ready to slash prices in a bid to boost falling sales.
The company’s latest set of financial results confirmed that iPhone revenues – which make up the bulk of its business – were 15% lower than a year ago.
The iPhone maker reported a 5% fall in overall revenue to $84.3bn – down 5% on the same period last year.
Apple’s revenue and profits declined for the first time in more than a decade as the company continues to suffer from weak iPhone sales in China and in the United States.
Chief executive Tim Cook admitted that many customers were struggling to afford the high prices of smartphones.
He said: ‘While it was disappointing to miss our revenue guidance, we manage Apple for the long term, and this quarter’s results demonstrate that the underlying strength of our business runs deep and wide.’
Despite the ‘disappointing’ results, Mr Cook said he remains optimistic.
He explained: ‘Apple innovates like no other company on Earth, and we are not taking our foot off the gas.’
‘We will continue to invest through near term headwinds, just as we always have, and will emerge stronger as a result.’