Apple has reported its earnings for Q2 2016 which runs from the beginning of January to the end of March and as expected, things are not looking so good.
Everything from sales to revenue has gone down. The company sold fewer iPhones, iPads and Macs versus both last quarter and the same quarter last year. Meanwhile, Apple made $10.5 billion in profit and $50.6 billion in revenue, compared to $13.6 billion in profit and $58 billion in revenue in Q1 of 2015.
You can see the overall sales report below:
For Apple, this is historic, albeit for the wrong reason as this is the first time Apple’s revenue and the iPhone sales have declined significantly compared to the same period a year ago.
According to Tim Cook, “Our team executed extremely well in the face of strong macroeconomic headwinds. 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.”
Meanwhile, Apple is also predicting that they would have an even lower revenue in Q3 of 2016 – $41-43 billion.
UPDATE: Just a tiny reminder, despite the sales report, Apple is still insanely rich and just to understand how rich they are, see this tweet below:
Apple has $233 billion in cash. It could buy:
…and still have $18 billion left. $AAPL
— Vala Afshar (@ValaAfshar) April 26, 2016