Apple's iPhone 7 released early this September lost its momentum in sales, with the company's stock closing down with 1% at 109.46 on the stock market last week despite a broad sell-off of tech stuff. The decrease in iPhone 7 demand opted a decrease in production by the Apple Company which is a bold move to solve the current problem.
Mixed reviews were given for the latest iPhone 7 model. The lack of headphone jack and the mediocre set of features added for the latest iPhone 7 was lackluster and left owners wondering whether it was worth the price. One review even claimed the new iPhone 7 is just like the previous models when donned with a new case and does not function like a $800 smartphone.
In comparison to Apple's sales last year, the release of the iPhone 7 this year did not bring enough revenue for the company. Decreased sales were seen in China with a decline of 30% sales since last year specifically with its iPhone, iPad, and Mac unit, although App Store, Apple Music, and Apple Pay services maintain their product segment increase, according to Forbes. The release of the iPhone 7 was supposed to be Apple's way to redeem their decreased sales with iPhone 6S and 6S Plus, but it seems like more stock problem issued with the new model.
Decreased production and shipments were also reported as the iPhone 7 sales continue to drop. iPhone 7 shipments faced a decline for three straight quarters and are expected to continue its decrease as demands for iPhone sales dropped. Component suppliers and consumers already have their sights for the next model, the iPhone 8, which is expected to be released next fall. iPhone 8 concept reports were already released and the new smartphone is expected to have an OLED display, high tech specs and high-end features which can hopefully increase Apple's rank in the stock market in the coming years.
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