This week Apple reported their quarterly earnings. They posted quarterly revenue of $50.6 billion and quarterly net income of $10.5 billion, or $1.90 per diluted share.
These results compare to last year’s numbers of revenue of $58 billion and net income of $13.6 billion, or $2.33 per diluted share.
Many point to the loss of income from the drop in iPhone sales. Sales were down for the first time. They were 51.2 million, down 16%.
Apple stock dropped over 8.3% after the announcement.