Apple CEO Tim Cook has hinted that the company could lower iPhone prices in some places in an attempt to boost falling sales.
Suggesting that customers were also struggling with the firm's expensive products, he said that the strength of the US dollar had hurt its sales in emerging markets.
Mr Cook said that Apple had started re-pricing its phones to protect customers from the effect of currency fluctuations. "What we have done in January in some locations and [for] some products is essentially absorb part or all of the foreign currency move as compared to last year," he said.
Revenue from the iPhone, which produces most of the firm's profits, fell 15 per cent in its latest financial quarter.
Overall the firm's revenue was down 5 per cent from a year ago to about $84.3bn (€73.7bn).
The slowdown had been expected after the tech giant warned investors earlier this month that revenue would be about $84bn, lower than expected.
The firm had blamed the issues partly on an economic slowdown in China.
While high-end Apple might feel the brunt of the slowdown, it’s a worldwide problem. Global smart phone shipments contracted 5 per cent in 2018, according to market analysis firm Canalys.