Apple Reports First Sales Decline in 13 Years
On Tuesday, Apple reported its first decrease in revenue since 2003. Sales decline 13 percent to $50.6 million, due in large part to a 16 percent drop in iPhone sales. Sales in China, one of the company's most important markets, dropped 11 percent.
Investors were spooked by the news, leading to a decline in the company's share price. “There’s no question that Apple’s best days are behind it,” said Toni Sacconaghi, an analyst at the Bernstein brokerage firm. “The company grew at astronomical rates, and it’s now so big that its ability to grow at those rates doesn’t exist anymore.”
Apple CEO Tim Cook had a more measured response. “This, too, shall pass,” he said. “The future of Apple is very bright.”