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Tim Cook blames escalating iPhone 8 leaks for fall in iPhone sales

09 May 2017

The American tech giant said it had sold 50.7m iPhones in the three months to the end of April, 1 per cent below the same period a year ago, reports The Telegraph. "That's another whole topic", Cook said, lightly commenting on current United States tax policy that Apple claims prevents it from repatriating a majority of its overseas cash. He also said in a statement that the firm has noted "great customer response" to both models of the new iPhone 7.

Apple CEO Tim Cook attributed the disappointing numbers to the "consequence of the number of rumors and reports about future products".

Sales in the company's services business - which includes the App Store, Apple Music, Apple Pay and iCloud - jumped 17.5 percent to $7.04 billion.

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Revenue rose 4.6 percent to $52.9 billion in the quarter. Apple said the segment generated $7.04 billion in revenue this past quarter, the second straight quarter it's crossed the $7 billion threshold, and a $1.05 billion rise year-over-year.

The company is investing heavily in India, the third largest smartphone market in the world behind China and the US, Cook said, as he revealed that Apple set a new March quarter revenue record in the country, growing by double digits.

Apple hopes that its $1 billion investment will expedite job creation and growth. Despite the strong financial results, iPhone and iPad shipments were weaker than consensus estimates, causing many analysts to reduce earnings estimates for the remainder of the year. The drop will also paint sales of the iPhone 8 in an even better light, as the near-certain jump in sales will be even more marked. For the second quarter ever, sales of Apple's smartphone fell.

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Its share price has risen more than 25% this year as investors speculate that US President Donald Trump will help firms repatriate massive cash piles from overseas, at a reduced tax rate, to aid the country's economy.

It was once unheard of, but once again Apple has reported a decline in the number of iPhones being sold. So, we're putting a lot of energy in, just like we have in other geos that eventually wound up producing more and more.

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