In more than a decade Apple has for the first time posted decline in quarterly revenue because of a lower than expected sales of the company’s flagship product the iPhone.
There are couple of reason stated by market experts who state a soft Chines economy the second largest market for Apple was one of the main factor. It has to be noticed that, iPhone sales were down by 19 percent year-over-year, which had a significant negative effect on its performance during the three-month period.
Apple reported fiscal second-quarter earnings of $10.5 million, or $1.90 cents a share (statement). The company made $50.6 billion in revenue. The company expects some respite during the coming months, expecting hike in sales from holiday season sales.