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Apple reports decline in revenue for first time in 13 years.

India, April 27 -- Apple has posted its first ever quarterly decline in revenue in 13 years, in addition to its first ever decline in iPhone sales. According to a report by the Wall Street Journal, Apple sold 51.19 million iPhones during a quarter, a drop from the 61.17 million units that it sold in the same period last year. The company posted a quarterly revenue of $50.6 billion and a quarterly net income of 10.5 billion. In the same period last year, the company had a revenue of $58 billion and a net income of 13.6 billion.

In an interview with the Wall Street Journal, Apple CEO, Tim Cook said that it was a "challenging quarter," but dismissed concerns that Apple was in decline. He said that the slump was due to short-term factors such as a strong dollar, difficult economic conditions, and difficult comparisons for iPhone sales. "It's a tough bar to hurdle, but it doesn't change the future. The future is very bright," he added.

A few days ago, analyst, Ming-Chi Kuo of KGI Securities had predicted that the upcoming iPhone 7 may not have too many new features to excite buyers, which may lead to a decline in sales. Kuo predicted that sales of the iPhone may fall below 200 million due to the lack of new aspects on the iPhone 7. While Apple sold 232 million devices in 2015, the analyst expects the company to sell between 190 to 205 million units this year.

Writer, gamer, and hater of public transport.

Published by HT Syndication with permission from Digit.

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Publication:Digit
Article Type:Financial report
Date:Apr 27, 2016
Words:280
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