The inevitable has finally happened. After years of continually growing iPhone sales (and corresponding revenue growth), Apple has hit a bump.
The company just announced its fiscal Q2 2016 results, and the company sold 51.2 million iPhones, a 16 percent decline from the 61 million it sold one year ago. It’s the first time iPhone sales have ever declined year-over-year.
Similarly, revenues of $50.6 billion were down 13 percent from the $58 billion it made in Q2 2015. The company warned on its last earnings call that this was likely to happen, but it’s still quite notable. Apple has describing its quarterly revenue as “record-breaking” for so long that it’s hard to remember the last time it had a down quarter. (The Wall Street Journal says it’s been an incredible 13 years.)
We finally got a headline where finally is actually appropriate.