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."
Subscribe to 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.
-
Film reviews: The Phoenician Scheme, Bring Her Back, and Jane Austen Wrecked My LifeFeature A despised mogul seeks a fresh triumph, orphaned siblings land with a nightmare foster mother, and a Jane fan finds herself in a love triangle
-
Music reviews: Tune-Yards and PinkPantheressFeature "Better Dreaming" and "Fancy That"
-
Withdrawing 529 plan funds for college? Here's what to know.the explainer Maximize the amount you have stashed away for your education
-
Crypto firm Coinbase hacked, faces SEC scrutinySpeed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress codespeed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirementspeed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff displaySpeed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
Markets notch worst quarter in years as new tariffs loomSpeed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panelsSpeed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
-
Crafting emporium Joann is going out of businessSpeed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
-
Trump's China tariffs start after Canada, Mexico pausesSpeed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
