Apple’s services business on the up, but iPhone sales in need of a doctor
A general decline in tech stocks and concern about weak iPhone sales have seen Apple’s share tank since November
Bengaluru — Apple reported sharp growth in its services business on Tuesday and CEO Tim Cook said trade tensions between the US and China were easing, helping to boost the company’s shares even as iPhone sales dipped in the holiday shopping quarter for the first time. Apple said sales for the current quarter are likely to be lower than Wall Street estimates, a signal that it continues to face weak demand for the iPhone, especially in China, the world’s biggest smartphone market. But investors focused on the company’s growing services business, which include Apple Music and its App Store. “The services number is good, and that is the growth engine going forward that people will continue to focus on,” said Ivan Feinseth, an analyst with Tigress Financial Partners. Cook, who is in regular contact with US President Donald Trump, said there were signs of easing trade tensions with China, the standoff between the two countries has weighed on iPhone sales. “If you were to graph up trade te...
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