Apple misses sales as iPhone shipments drop for first time ever
Even worse, the company said sales for this quarter may fall double-digits yet again. Apple's targeting sales between \\$41 billion and \\$43 billion for the three months ended in June, below analyst expectations of \\$47.3 billion.
Apple shares dropped more than 6 percent in late trading.
"Our team executed extremely well in the face of strong macroeconomic headwinds," Tim Cook, Apple's CEO, said in a statement.
The bottom line is that this is shaping up to be a tough year for Apple. On paper anyway.
Even if it sells a lot of iPhones, Cook has to deliver more -- as in sell even more phones than it did at the same time a year ago. Apple makes more than two-thirds of its revenue from the iPhone, so having sales rise is an important metric for success.
The problem is that people just aren't excited by phones like they used to be. New phone releases, once the talk of the town, are now routine. And in places like the US, everyone who wants a phone has one.
The economy has also been tough in countries like China, one of Apple's most important markets. Cook has tried to expand beyond the iPhone with new gadgets like wearables and services for streaming music, but the markets of opportunities for those new products won't deliver as much profit as the iPhone.
Sales of the iPad dropped 18 percent to 10.3 million units, the ninth time in a row that sales of Apple's tablet have dropped from the previous year.
Total revenue fell to \\$50.6 billion and profit was \\$1.90 a share. Analysts polled by Thomson Reuters were expecting a profit of \\$2 per share on sales of \\$52 billion.
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