Apple’s Trade-In Program
The iPhone’s influence is waning. According to Apple, total iPhone revenue is down about 12 percent year-over-year. And the company actually marked that as an improvement over the 17 percent year-over-year revenue decline last quarter. The iPhone also now makes up less than half of the company’s total revenue (48 percent).
But, interestingly, the iPhone is actually helping to bolster Apple’s trade-in program (which allows users to trade older devices for credit toward a new one). Apple says it saw 5x the number of iPhones traded in compared to this time last year. Tim Cook says the company “feels good about the trajectory” of the program and that it will advocate them more widely going forward.