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Crisis at Apple as profits fall along with iPhone revenues

Apple’s results in recent quarters have reflected a dramatic change in the company’s fortunes. It had turned almost into a one-trick pony, with a huge percentage of its revenues coming from the iPhone, but in its fiscal third quarter, the handset was no longer the largest single revenue source, for the first time for seven years. iPhone revenue fell by 12% year-on-year from $29.5bn to $26bn, and for the first time since 2012, the product family accounted for less than half of total revenue. The fall has been rapid. The iPhone accounted for 62% of total revenues in the first nine months of fiscal 2018. In the first nine months of this fiscal year, the figure is down to 48%.…

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