As Apple continuously faces the tough competition from lower-priced competitors and lower demand for its iPhone, the company has recorded a three back-to-back quarter low revenue. Exactly as the analysts anticipated the company’s revenue is down by 9 percent to $46.9 billion in the Q3 when compared to the same quarter last year. Net income is 19 percent down to $9 billion mentioned the company in its report. The incredible momentum of the service business and response from the customers towards the iPhone 7 and iPhone 7 Plus was thrilling said Tim Cook, CEO of Apple. However, amongst the dropping profit and sales, marks of a shift on the horizon.
The quarter 4 (year-end sale) will be better than the anticipation of the analysts said the company in a statement. If the company’s expectation of $76 billion to $78 billion comes true then it will put Apple back on track with the positive growth. About 45.5 million iPhones were sold during the Q3 this year that is less than last year’s 48 million. The number mentioned here also included the first two weeks of iPhone 7 sale as well. As smartphone, penetration gets higher the iPhone sales start to shrink at the beginning of the year 2016. In addition, the involvement of the low price competitors plays a vital role in the company’s lowering of the income.