Apple reports plunge in revenue and iPhone sales in 2016 Q1

On Tuesday, Apple reported its financial results for the January-March 2016 quarter, posting its first drop in quarterly revenue in the last 13 years, along with its first-ever plunge in iPhone sales. The reporting quarter was Apple’s 2016 fiscal second quarter.

According to the quarterly earnings reported by Apple, the company’s revenue figures of $50.56 billion fell short of the average analyst estimates of $51.97 quarterly revenue. Earnings per share in the reporting quarter stood at $1.90; as against average analyst estimates of $2 per share.

Moreover, for the April-June 2016 quarter, Apple has forecast revenue between $41 billion and $43 billion, while the Wall Street analysts expected the company’s projections for quarterly revenue to be $47.3 billion.

Meanwhile, so far as the sales of iPhones in the January-March quarter are concerned, Apple said in its latest financial report that it sold 51.2 million iPhone units during the quarter. In comparison, for the…

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