Apple ends 13-year growth streak with second quarter revenue drop
Apple has reported that its second quarter revenue has fallen 13 per cent from the year prior to $50.6bn, ending the company’s long-running growth streak that began in 2003.
The tech giant has enjoyed a long growth spurt over the past 13 years, largely due to the popularity of its iPod, iPhone and iPad. Yet the second quarter proved to be a tough one for Apple as consumer interest in the iPhone began to wane.
According to the Wall Street Journal, Apple sold 51.2 million iPhones during the second quarter, down from the 61.2 million it sold a year earlier – marking the first time iPhone sales have ever declined.
CEO of Apple Tim Cook told the Wall Street Journal that the second quarter was a “challenging” one for the company but added that “the future is very bright.”
Apple’s profit dropped 22.5 per cent to $10.5bn during the second quarter, down from last year’s $13.6bn.