We have been hearing for a while from various analysts that iPhone sales aren’t doing so well. While Apple is far from being in any danger, it is weaker than what it used to be and it appears what some Apple execs want us to believe, the company’s CEO Tim Cook has officially acknowledged that the demand for iPhones are weaker than they had expected.

In a letter published on Apple’s website, Cook writes to the company’s investors where he acknowledges that the company seems to be struggling over in China, and that this could affect the worldwide revenue of the company. “While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China. In fact, most of our revenue shortfall to our guidance, and over 100 percent of our year-over-year worldwide revenue decline, occurred in Greater China across iPhone, Mac and iPad.”

However Cook also points out that there are some developed markets in which iPhone upgrades aren’t as strong as they would have liked. “While Greater China and other emerging markets accounted for the vast majority of the year-over-year iPhone revenue decline, in some developed markets, iPhone upgrades also were not as strong as we thought they would be.”

Like we said, there are a variety of reasons as to why iPhone sales aren’t what they used to be. Market saturation is one possibility, and also the emergence of Chinese competitors with cheaper and more value for money phones is another issue to consider. Not to mention with Apple increasing the price of their iPhones every year beyond the $1,000 mark, it’s become very much out of reach for more and more customers.

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