Despite admitting to a dip in smartphone demand during last week’s earnings call, Apple is just weeks away from unveiling the iPhone 15.
The new smartphone will feature significant camera upgrades and an A16 chip, previously exclusive to the iPhone 14 Pro line, while reportedly being built with titanium edges. Apple also expects to increase prices with the new iPhone’s use of premium titanium and advanced camera system.
Meanwhile, the pro model will showcase thinner borders around the display and a USB-C charging port.
The company said iPhone sales were down last week, and now Apple shareholders are feeling it on Wall Street with the stock losing roughly 5.3% the last month. Also on Thursday, Apple’s board of directors declared a cash dividend of $0.24 per share on common stock payable on Aug. 17, 2023, to shareholders of record at the close of business on Aug. 14, 2023.
“The smartphone market has been in a decline for the last couple of quarters in the United States,” Apple CFO Luca Maestri said in Thursday’s earnings call.
While demand slipped in the U.S., Apple set a record for iPhone demand in emerging markets, he said. The company hit a new high for India in June.
Demand in greater China also set a June record.
While the smartphone manufacturer increased revenue though iPhone sales in other parts of the world, Apple reported a 2.4% drop to $39.7 billion in U.S. iPhone sales, coming in just below Wall Street’s predictions.
The company said U.S. shoppers are spending less on their products.