Thursday, April 28, 2016
Apple Goes Into Reverse
Apple reported a 13% year-on-year decline in revenue for the quarter ending March 26th to 50.6 billion US dollars, as iPhone revenue fell 18% to 32.9 billion dollars. The decline in Apple's top line was the first since 2003.
Apple forecast its revenue in the current quarter will be between 41 billion and 43 billion dollars. That would represent a year-on-year decline of between 13% and 17% on the 49.6 billion dollars in the same quarter last year.
Apple's services revenue was the only real bright spot with service revenue rising 20% to almost 6 billion dollars. “Our team executed extremely well in the face of strong macroeconomic headwinds,” said Tim Cook, Apple’s CEO. “We are very happy with the continued strong growth in revenue from services, thanks to the incredible strength of the Apple ecosystem and our growing base of over one billion active devices.”
Apple also announced an increase of 50 billion dollars to its program to return capital to shareholders. Under the expanded program, Apple plans to spend a cumulative total of 250 billion dollars of cash by the end of March 2018. source: Apple statement
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