Apple's plan to add generative AI to its iPhones and revive sagging sales in the crucial Chinese market will be in focus on Thursday (May 2), when the tech giant is expected to report its biggest quarterly revenue decline in more than a year.

Long considered a must-own stock on Wall Street, Apple shares have underperformed other Big Tech companies in recent months, falling more than 10 per cent this year as fears mount about its slow roll-out of artificial intelligence services and as a resurgent Huawei takes market share in China.

Analysts on average see iPhone sales, which account for about half of Apple's revenue, falling 10.4 per cent in the first three months of 2024, according to LSEG. That drop would be the steepest in more than three years.

The year-ago iPhone revenue that the 10.4 per cent iPhone sales drop is measured against was unusually high as Apple satisfied pent-up demand after the Covid pandemic, company executives previously noted.

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