Apple has reported that it has experienced the fastest ever drop in iPhone sales, according to data for the three months up until the end of March.
It said that the revenue provided from the iPhone dropped by 17% to $31bn, compared to the same period last year.
Tim Cook, Apple's chief executive, said that sales improved towards the end of March, including in China, due to a price cut in order to boost demand.
The tech giant warned of slowing iPhone sales earlier this year, especially in China, mainly due to growing competition from rivals such as Huawei and Xiaomi.
Cook said that they countered the sales decline in China by adjusting the prices and offering trade-in and financing deals. He also said that lower tax rates on the iPhone helped sales recover.
Sales for the three months up to March reached $58bn, compared to analyst’s estimates of $57.3bn. This still falls below the $61.1bn in the second quarter of last year.
