Apple Posts First Quarterly Revenue Drop in 13 Years
It was an unprecedented run that lasted more than a decade, but in a call with reporters late Tuesday evening, Apple reported its first quarterly revenue decline for the first time since 2003.
Let’s just pause and think about that for a moment. Thirteen straight years, roughly 52 straight quarters, of sales growth. That historic run was driven by the company’s introduction and continued improvement of a number of gadgets that have come to define who they are. The iPhone (introduced in 2007), the iPad (2010), and the Apple Watch (2015) feel like they’ve been around for an eternity now. And—until this second quarter of 2016—none of them had experienced a time in which their creator and keeper saw sales lag.
Talking numbers, the company still had a quarter that most other tech companies would drool over, posting $50.6 billion in sales. But that figure was 13 percent lower than the $58 billion in sales during the same quarter last year. The main culprit in the decline was softening iPhone sales. Apple sold 16 percent fewer iPhones in the most recent quarter that ended in March, compared to last year.