iPhone sales continue to slow as Apple’s latest financial results revealed a 5% drop in sales when compared to the same quarter of 2015.

The technology giant warned of such a slide in its financial forecasts earlier this year as the smartphone market begins to reach saturation – with most consumers now owning a viable device and upgrading less frequently.

Apple reported total iPhone sales for the three months to September 24 of more than 45.5 million units – up around five million on the last quarter – but still down on the same period last year. The firm’s total revenue for the quarter was 46.9 billion dollars (£38.4bn), down 9% on the same period last year.

However, chief executive Tim Cook chose to focus on the success of Apple’s services business – Apple Pay and the company’s internet-based products – which grew more than 20% on last year.

“Our strong September quarter results cap a very successful fiscal 2016 for Apple,” he said.

“We’re thrilled with the customer response to iPhone 7, iPhone 7 Plus and Apple Watch Series 2, as well as the incredible momentum of our Services business, where revenue grew 24% to set another all-time record.”

iPad sales also continue to fall, dropping from 9.9 million in the last quarter to 9.3 million in the last three months.

The tech giant’s net income for the quarter was nine billion dollars (£7.3 billion), and sales of Mac computers rose by 15% on the last quarter, to 4.9 million units sold.

The next generation of Macs are due to be unveiled at a media event at the company’s Cupertino headquarters on Thursday, with a new MacBook Pro expected to lead the announcements.

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