Apple reports first drop in revenue in over a decade
Tech Industry
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Transcript
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The results are in and it looks like Apple's growth trend could be coming to an end.
In its quarterly report with investors, Apple reported a 13% decrease in revenue compared to the same period last year.
The first time this number has fallen in over a decade and the first time iPhone sales have dropped well, over.
And while many critics may be quick to spell doom for the Cupertino giant, the reality is most companies would kill to have Apple's so-called problem.
With a revenue of $50.6 Billion in last quarter alone and $10.5 billion in profit.
According to the analyst, the biggest problem they face going into the third fiscal quarter, is how to continue to grow a company that's already a behemoth in the industry.
Tim Cook, Apple's CEO insisted the company's future is still bright despite.
Despite these hurdles promising more amazing innovations in their product pipeline, but judging from the rumors about an iPhone seven with few physical updates this will be a tough promise to deliver on.
Despite better iPod sales with the new Pro line.
The iPhone continues to be Apples cash cow and it accounts for two thirds of it's revenue.
So while this may be only a dent in Apples armour it's a trend that's likely to continue through the third fiscal quarter based on Apple's own guidance.
So the question is, what's the next cash cow gonna be?
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