Don’t say they didn’t warn you. Apple posted a year-over-year decline in revenue today, the first time the company’s failed to grow its business in 13 years. It brought in $50.6 billion in revenue for the second quarter of 2016, and $10.5 billion in profits. That compares with $58 billion in revenue and $13.6 billion in profits during this period last year, a drop of 13 percent for the revenue.
Apple isn’t doing badly, it is still one of the most valuable and profitable companies in the world. But it hasn’t found a new blockbuster product to pick up the slack as iPhone sales have slowed in many parts of the globe.
All product categories are down too – iPhone down 16%, iPad down 19%, Mac down 12% – but obviously, they’re still selling an amazing number of each of these. No, Apple isn’t doomed – anyone who says so based on these numbers is an idiot – but it does show that Apple has been unable to find the ‘next big thing’ after the iPhone (for now!).