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.”