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Economy In Decline: Apple Reports Massive Revenue Decline As iPhone Sales Plummet Dramatically

by Michael Snyder, The Economic Collapse Blog:

Corporate revenues in the United States have been falling for quite some time, but now some of the biggest companies in the entire nation are reporting extremely disappointing results.  On Tuesday, Apple shocked the financial world by reporting that revenue for the first quarter had fallen 7.4 billion dollars compared to the same quarter last year.  That is an astounding plunge, and it represents the very first year-over-year quarterly sales decline that Apple has experienced since 2003.  Analysts were anticipating some sort of drop, but nothing like this.  And of course last week we learned that Google and Microsoft also missed revenue and earnings projections for the first quarter of 2016.  The economic crisis that began during the second half of 2015 is really starting to take hold, and even our largest tech companies are now feeling the pain.

This wasn’t supposed to happen to Apple.  No matter what else has been going on with the U.S. economy, Apple has always been unshakeable.  Even during the last recession we never saw a year-over-year decline like this

Apple today announced financial results for the second fiscal quarter (first calendar quarter) of 2016. For the quarter, Apple posted revenue of $50.6 billion and net quarterly profit of $10.5 billion, or $1.90 per diluted share, compared to revenue of $58 billion and net quarterly profit of $13.6 billion, or $2.33 per diluted share, in the year-ago quarter. As expected, the year-over-year decline in quarterly revenue was the first for Apple since 2003.

I think that this announcement by Apple is waking a lot of people up.  The global economic slowdown is real, and we can see this in iPhone sales.  During the first quarter, Apple sold 16 percent fewer iPhones than it did during the same quarter in 2015.  This is the very first year-over-year quarterly sales decline for the iPhone ever.  Here are some of the specific sales figures from the Apple announcement…

Apple sold 51.1 million iPhones during the quarter, down from 61.2 million a year earlier, while Mac sales were 4.03 million units, down from from 4.56 million units in the year-ago quarter. iPad sales were also down once again, falling to 10.25 million from 12.6 million.

Once these numbers hit the wires, shares of Apple immediately began to plummet during after-hours trading.  In fact, USA Today is reporting that Apple has already lost 43 billion dollars in market value since the annoucement…

Read More @ Theeconomiccollapseblog.com

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1 comment to Economy In Decline: Apple Reports Massive Revenue Decline As iPhone Sales Plummet Dramatically

  • Craig Escaped Detroit

    Hahaha. The reporting on all these BLACK SWANS, is like watching a NASCAR RACE.

    But unlike NASCAR,….. “Black Swans Matter”.

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