Apple Inc. has posted its first quarterly revenue drop since 2003, resulting from a diminishing demand for iPhones. In the quarter from January to March 2016, Apple's revenue was $50.6 billion, down from $58 billion in the same quarter in 2015. iPhone sales fell from 61.2 million in the first three months of 2015 to 51.2 million this year.
"The number that is declining is the number of people that are upgrading [their phones]," Chief Financial Officer Luca Maestri told Bloomberg. "Last year we had a very strong iPhone upgrade cycle."
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Marisa Silver’s 6 favorite books that capture a lifetimeFeature The author recommends works by John Williams, Ian McEwan, and more
-
Book reviews: ‘We the People: A History of the U.S. Constitution’ and ‘Will There Ever Be Another You’Feature The many attempts to amend the U.S. Constitution and Patricia Lockwood’s struggle with long Covid
-
Philadelphia’s Calder GardensFeature A permanent new museum
-
Electronic Arts to go private in record $55B dealspeed read The video game giant is behind ‘The Sims’ and ‘Madden NFL’
-
New York court tosses Trump's $500M fraud fineSpeed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in IntelSpeed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to ChinaSpeed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with DisneySpeed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
-
Samsung to make Tesla chips in $16.5B dealSpeed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance mergerSpeed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance
-
Tesla reports plummeting profitsSpeed Read The company may soon face more problems with the expiration of federal electric vehicle tax credits
