Is Apple Losing Its Spark? Recent Sales Figures Suggest So.

While the market is upbeat about the new iPhone 15 from Apple Inc. AAPL, the company is facing some hurdles.

What Happened: Despite the excitement, the company has seen its revenue decline for three quarters in a row. The Street highlighted a 1.4% drop in the money earned in the quarter ending on July 1.

Sales of iPhones, which usually bring in almost half of Apple's total earnings, went down by 2.4% in the recent quarter. Adding to the troubles is the decision of the Chinese government to stop its workers from using iPhones.

This is a big deal because almost 19% of Apple's total sales reportedly come from Greater China, which includes mainland China and Hong Kong. 

Analysts from Bloomberg, Anurag Rana and Andrew Girard, are additionally worried about the ban of iPhones in government agencies in China. They said it is an unpredictable factor that could stop the growth of iPhone sales next year.

Also Read: China's Appetite for Apple's iPhone 15 Pro Max Triggers Delivery Setbacks, Delays Up To 3 Weeks

But it's not all bad news for Apple. The money earned from services like Apple Pay and Apple Music reportedly went up by 8% compared to last year.

Also, in emerging markets, iPhones have sold strongly. In India, for example, more iPhones have been sold than ever before, The Street reported. 

Despite these challenges, Apple is still valued at $2.75 trillion. Some experts, however, believe that the company's stock price is higher than it should be and that Apple needs to grow its business more steadily in the coming years.

Looking to the future, Apple is planning to sell a new product — the Vision Pro virtual reality goggles — but not until 2024.

Many analysts are not expecting this product to be a big hit right away, instead claiming that Apple needs a groundbreaking product to increase its stock value.

Now Read: Tim Cook Shares The One Thing He's Copied From Steve Jobs As Apple's CEO: 'He Expected It Everywhere In The Company'

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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