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Apple has stormed back into favour on Wall Street, but its latest financial results are expected to reveal a continuation of the iPhone slump that shocked investors at the start of the year.
Shares in the consumer technology giant have added about $300bn since their lows after an early January profit warning, at one point last week getting within 1 per cent of the $1tn mark the company first crossed last summer.
Yet the fall in iPhone sales is expected to dominate the picture again when Apple reports its latest quarterly figures on Tuesday.
Wall Street is expecting iPhone revenues to come in 17 per cent below the year before, even worse than the 14 per cent fall in the previous quarter.
That is expected to leave the company with a 5 per cent drop in overall revenue, at $57.4bn — matching the decline of the previous three months, and a stark contrast to the 16 per cent growth of its past fiscal year, when the iPhone X cycle made Apple the first company worth more than $1tn.