Apple is expected to report its first drop in quarterly profits in almost two years this week as American technology giants line up to update Wall Street.
Sales of the iPhone, which typically generates half Apple’s revenue, will be scrutinised by analysts as a global economic slowdown challenges demand for smartphones.
Its net income is forecast to have fallen by about 13 per cent to $18.9 billion in the three months to June, according to a consensus of analysts’ projections compiled by Refinitiv, with revenue up just over 1 per cent to $82.6 billion.
Shares in Apple have declined about 15 per cent since the turn of the year. Daniel Ives, technology analyst at Wedbush Securities, believes demand for the iPhone has been holding
