Apple announced its earnings and sales decline for the third consecutive quarter.
The Giant Company in the field of technology has sold 45.51 million units of the iPhone devices in the three months through September, which was higher than the average forecast, which was referring to 44.8 million units. The company also forecast that earnings in the holiday season will range between 76 and 78 billion Dollars, which are exceeding analysts’ expectations.
Profits fell in the fourth quarter of the fiscal year in the United States 9 percent to 46.85 billion Dollars. This means that the annual profit fell for the first time since 2001. This indicates a slowdown in the smartphone market, as well as intense competition, especially from Chinese rivals.
In the same period of last year, Apple has doubled profits from Greater China.
Apple shares fell 3 percent to around $ 114.80 after trading hours. Net income fell to 9.01 billion Dollars in the fourth quarter comparing to 11 billion Dollars last week, whereas, Annual net income declined to $ 45.7 billion from $ 53.4 billion.
Samsung profits Technology Co. fell after the withdrawal of the smart phone “Galaxy Note 7” from the market. The company, which is the largest manufacturer of smart phones in the world, stopped the production of “Galaxy Note 7” after receiving reports on the fire incidents.
Pulling back “Galaxy Note 7” phones from the market and then stopping production is seen as a major blow to the reputation of the company in terms of quality and public confidence.
Samsung said that the company will now focus on “expanding sales of key new products as well as restoring consumer confidence”.
However, the company will not launch the next smart phone “Galaxy 8” before next year.