Apple forecasts strong revenue even as iPhones drop to under half of sales

An employee holds a box of the Apple iPhone XS at an Apple store during its launch in Hong Kong.

“We actually grew in mainland China,” Cook told Reuters. “Non-iPhone revenue grew 17%. We grew in every category outside of the iPhone.”Moribund global mobile phone sales have led Apple to focus growth on music, apps, gaming, video and a soon-to-come credit card. Cook said the company had succeeded in growing the number of device users to increase the market for services and accessories.

Hal Eddins, the chief economist for Apple shareholder Capital Investment Counsel, said he was pleasantly surprised to see iPhone sales declines slow down versus the prior quarter. Cook told investors on a conference call Tuesday that Apple has 420 million paid subscribers to its own services and third-party apps. The company has set a goal of 500 million by 2020.

Trade tension has slowed down economic growth in China, a major market for Apple, which effectively cut iPhone prices in China earlier this year after currency exchange rates had made its phones too expensive for many Chinese consumers. “Our trade-in and financing programs are doing extremely well in China,” Cook told Reuters. “Because of the active installed base is growing in China, our services business is doing very well, growing double digits.”

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