iPhone sales slump breaks Apple’s 13-year growth streak

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Earnings_Call_1
Investors just got some bad news.
Photo: Ste Smith/Cult of Mac

Apple’s phenomenal run of growing profits has come to an end. For the first time in 13 years, Apple announced that its profits declined year-over-year during the last fiscal quarter.

The company just posted its earnings report for Q2 2016 and, as predicted, iPhone sales took a serious hit. Apple only shipped 51.6 million devices last quarter, resulting in $50.6 billion in total revenue and a quarterly net income of $10.5 billion.

Apple CEO Tim Cook admitted the company had a challenging quarter but is still incredibly optimistic, despite what many analysts are calling “peak iPhone.”

Apple set to report first quarterly revenue decline in 13 years

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There's still a lot of money left in iOS devices.
All good things come to an end.
Photo: Ste Smith/Cult of Mac

Apple’s 13 years of astonishing growth is likely to come to a close today, with the company predicted to report its first quarterly revenue decline since 2003 — well before the iPhone, iPad and Apple Watch were even faint glimmers in Apple execs’ eyes.

The company is expected to reveal that March quarter sales fell 10 percent year-over-year to around $52 billion. Apple first warned that sales would fall in its forecast back in January, although today we’ll find out the extent of that slide.

Panicking investors are missing a crucial Apple metric

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There's still a lot of money left in iOS devices.
There's still a lot of money left in iOS devices.
Photo: Ste Smith/Cult of Mac

Apple soothsayers have been predicting doom and gloom for the iPhone-maker ever since Tim Cook dropped the company’s Q1 2016 earnings. iPhone sales are projected to decline. The iPad is still struggling. And even the Mac is taking a drop.

This is the end for Apple according to some Wall Street crazies, but they’re missing a key metric in Apple’s earnings report that shows the company still has a lot of growing to do thanks to it’s huge install base.

Liveblog: Apple’s make-or-break earnings call

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Life at Apple is great for Tim Cook.
Life at Apple is great for Tim Cook.
Photo: Jim Merithew/Cult of Mac

The stakes couldn’t be higher today for Apple’s first earnings report of 2016.

Depending on how well Apple’s holiday season went, the company could set new records for the most profits in a quarter by any company ever as well as total number of iPhones sold in any quarter.

Apple racks up largest quarterly profit in history

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Apple's back on top again.
Apple's back on top again.
Photo: Apple

Apple’s earnings for Q1 2016 have broken the world record for the most profit made by a company in one quarter.

With total revenue hitting $75.9 billion, Apple managed to rake in a record $18.48 billion in profit. The company managed to increase iPhone sales to 74.8 million despite predictions from Wall Street that the company would see decline. However, Apple did warn investors in its guidance that next quarter may be the the first time growth drops.

Despite missing on some numbers, Tim Cook praise Apple’s team calling Q1 2016 “Apple’s biggest quarter ever.”