Apple’s European revenue slumps
Apple will be hoping its recently launched design campaign will buoy its financial performance in Europe after its revenue slumped 22 per cent in its latest fiscal quarter, despite beating analyst expectations with overall revenues of $35.3bn.
However, a breakdown of the company’s revenues for the three months to June 29 shows revenues in Europe dipped 8 per cent year on year, and 22 per cent on the previous quarter.
Overall revenues globally were largely flat with a net profit of $6.9bn – down from $8.8bn in profit a year ago.
However, the company did post record iPhone sales (31.2 million) during the quarter, up 20 per cent year on year, although iPad sales slowed to 14.6 million, compared to 17 million during the same period a year ago.
Last month Apple launched an ad campaign celebrating its heritage as a design brand with the tag line: ‘Designed by Apple in California.’
Apple’s results beat analyst expectations and its stock price rose in the aftermath of the results with Apple CEO Tim Cook alluding to upcoming product launches later this year.
He says: “We are really excited about the upcoming releases of iOS 7 and OS X Mavericks, and we are laser-focused and working hard on some amazing new products that we will introduce in the fall and across 2014.”
Apple is expected to launch a ‘low end’ iPhone later this year and more optimistic industry observers expect it to make its entry into the wearable tech market within the next year with its much-vaunted ‘iWatch’.
