Apple’s 13-Year Surge Ends – iPhone Sales Drop

Posted by at 2:24 pm on April 26, 2016

Apple LogoApple’s 13 years of continuous quarterly growth have finally ended.

The technology giant said on Tuesday that revenue for its second fiscal quarter, which ended in March, fell 13 percent to $50.6 billion as sales of its flagship product, the iPhone, fell, with little else to take its place. Net income fell 22 percent to $10.5 billion, or $1.90 a share.

The results fell short of Wall Street expectations and Apple’s shares were down more than 5 percent in early after-hours trading.

Sales fell faster in China than in any other region, down 26 percent compared to the previous year. And sales in the Americas were down 10 percent. Over all, Apple sold 16 percent fewer iPhones in the quarter compared to the same quarter last year.

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