Apple revenue streak ends as iPhone sales drop

Apple says iPhone sales dropped year-over-year for the first time, slipping to 51.19 million units in the recently ended quarter

SAN FRANCISCO: Apple on Tuesday reported its first-ever drop in iPhone sales since launching the smartphone in 2007 as the tech giant’s long streak of rising revenue ended.

Apple said iPhone sales dropped year-over-year for the first time, slipping to 51.19 million units in the recently ended quarter compared with 61.17 million in the same period a year ago.

Profits fell as well: Apple reported net income of $10.5 billion in the fiscal quarter to March 26 from $13.6 billion last year.

With iPhones the main driver of sales for the company, revenue fell on a year-to-year basis for the first time since 2003: $50.6 billion from $58 billion a year earlier.

Apple shares dove more than eight per cent to $95.90 in after-market trades that followed release of the earnings figures. Read more...

Source: gulfnews.com

Image Credit: AFP