Apple has reported its latest quarterly earnings, for the second quarter of its 2016 fiscal year (Q2 2016). To put it succinctly, things haven't gone well.
The company announced revenue of $50.6 billion, down from $58 billion a year ago, a drop of around 13%. Net income also fell year-over-year by 23% from $13.6 billion to $10.5 billion.
As far as its device sales went, it was bad news across the board too.
Apple sold 51.2 million iPhones, down from 61.2 million during the same quarter last year - a fall of 16% year-over-year. iPad sales fell by 19% to 10.3 million, while Mac sales also dropped sharply, by 12% to just over 4 million units.
This isn't an entirely surprising development; in December, analysts predicted a difficult year ahead for the company, in the face of an anticipated slowdown in the smartphone market, particularly at the high-end - a significant problem for a company that relies so heavily on profits from its handset sales.
Apple's previous quarterly results, which it reported in January, showed clear signs of this, as year-over-year growth in its iPhone sales for that quarter was virtually flat. Mac sales also slipped during that same quarter, while iPad sales dropped by a hefty 25% year-over-year.
Apple has also forecast a further decline for this current quarter, which ends in June, projecting sales of around $41 billion to $43 billion.
Still, don't feel too bad for Apple - the company's cash pile has now swollen to a staggering $233 billion, up a further $17 billion from last quarter.
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