Apple has issued its first quarterly decline since 2003, posting revenues for its fiscal second quarter of $50.6 billion, compared to $58 billion on the same period last year.
Forbes this morning suggested that the failure of the Apple Watch to take off and the slowing of iPhone sales are "weighing the company down", while of course iPad sales have continued to fall like the pervious eight quarters.
In an interview with The Wall Street Journal, Apple chief executive Tim Cook said it was “a challenging quarter” for the company.
Net income totalled $US10.52 billion, or $US1.90 a share, compared with $US13.57 billion, or $US2.33 a share, in the same period a year earlier. Revenue declined 13% to $US50.55 billion from $US58 billion.
Meanwhile, the Apple Music music streaming service now has 13 million paying subscribers, Cook announced on a conference call overnight. Rumours that it would introduce an ad-funded tier have since gone unfounded.
Email Nicola at nicolariches@yaffa.com.au.