Apple's growth has halted
Apple has announced its quarterly financial results yesterday and, unfortunately, this was the first drop after 13 years of sustained growth. The main culprit for this is the company's handset, which failed to meet the expectations.
All in all, Apple managed to miss the expectations on revenue and guidance, posting a revenue of $50.6 billion for the second quarter of 2016, down from the $58 billion reported for the same period of 2015. This stands for a net income of $10.5 billion, or $1.90 per diluted share, down from the $13.6 billion, or $2.33 per diluted share the company managed to achieve back in 2015.
Apple' CEO Tim Cook said, "We are very happy with the continued strong growth in revenue from Services, thanks to the incredible strength of the Apple ecosystem and our growing base of over one billion active devices." He also added that the Apple team "executed extremely well in the face of strong macroeconomic headwinds."