Apple suffers 10% drop in iPhone sales. So why are shares up 7%?

on Thursday revealed its steepest quarterly decline in sales since the beginning of the pandemic, deepening a slump which is increasing pressure on the tech company.

iPhone sales dropped 10 percent year-on-year for the three months ending March 31 - the latest sign of weakness in a product that generates most of Apple's revenue.

It marked the biggest drop in iPhone sales since the third quarter of 2020, when production bottlenecks caused by factory closures during the pandemic resulted in a delayed release of that year's model.

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