Apple Suffers its First Quarterly Revenue Drop Since 2003
For the first time in more than a decade, Apple has just notched a quarterly drop in revenue.
In the second fiscal quarter of 2016, which ended on March 26, Apple recorded $50.6 billion in revenue and $10.5 billion in profit. That’s compared to $58 billion in revenue and a $13.6 billion profit in the same quarter last year.
“Our team executed extremely well in the face of strong macroeconomic headwinds,” said Tim Cook, Apple’s CEO. “We are very happy with the continued strong growth in revenue from Services, thanks to the incredible strength of the Apple ecosystem and our growing base of over one billion active devices.”
The quarterly drop in iPhone sales was definitely interesting. During the second quarter, Apple sold 51.2 million handsets, compared to 61.2 million iPhones in the same quarter in 2015.
Even with the introduction of the 12.9-inch iPad Pro, iPad sales continued to tumble once again with 10.25 million tablets sold during the period. That’s compared to 12.6 million iPads in the same fiscal quarter in 2015.
Mac sales also dropped compared to the 2015 quarter.
Starting at 2 p.m. PDT, Apple will hold a financial results conference call for analysts. Anyone can listen by heading here. You’ll need an iPhone, iPad, or iPod touch with Safari on iOS 7.0 or later, a Mac with Safari 6.0.5 or later on OS X v10.8.5 or later, or a PC with Microsoft Edge on Windows 10.
We’ll update you if Apple announces any big news during the audio webcast.
