There’s a first time for everything, but Apple’s recent firsts aren’t something to celebrate. For the first time in its existence, iPhone sales have fallen 16% year-over-year. Apple has also posted its first year-over-year decline in quarterly revenue in 13 years, as profit and revenue growth have slipped.
The company’s quarterly profit fell 22.5% as sales of iPads, iPhones and Macs dropped. Stockholders have predictably reacted by selling their shares in Apple, resulting in a fall of 8%, or the equivalent of approximately $US50 billion.
Apple CEO blamed the strong dollar and said that the drop was a “pause in our growth” in a “busy and challenging quarter”. It is also worth noting that Apple is releasing an all-new iPhone 7 and iPhone 7 Plus handsets in September, which is sure to boost sales. It’s not the end of Apple but the revenue fall is indicative of a smartphone saturated world.