Apple announced its second-quarter earnings on Tuesday, revealing that revenue declined for the first time in 13 years as iPhone sales finally fell.
The firm reported Q2 revenue of $50.6bn and $10.5bn in profit. This compares with $58bn in revenue and $13.6bn in profit for Q2 2015, a drop of 13 per cent and 23 per cent respectively.
Apple is unlikely to be too fussed, as the company's cash pile now stands at a record $233bn, an increase of eight per cent on the previous quarter.
This slump in revenue will be blamed on falling iPhone sales. Apple sold 51.2 million iPhones during the three-month period, slightly above analyst expectations of 50 million but down 16 per cent on the 61.2 million this time last year.
This drop in sales is down to high market saturation and lacklustre sales of last year's iPhone 6S, according to analysts. This isn't a reflection on sales of the iPhone SE, which only made its debut earlier this month.
iPad sales continued to decline. Apple reported sales of 10.2 million for the three-month period, down 19 per cent on the 12.6 million this time last year. Apple expects iPad revenue to increase in Q3, however, suggesting that the new 9.7in iPad Pro has sold well since its release at the beginning of the month.
Mac sales were also down. The firm sold 4.03 million during the second quarter, a 12 per cent decline on the 4.6 million in Q2 2015.
It wasn't all bad news, as Apple reported an increase in revenue from its services division, which includes iTunes, Apple Pay and AppleCare.
CEO Tim Cook said: "Our team executed extremely well in the face of strong macroeconomic headwinds.
"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 has forecast third-quarter revenue of $41bn to $43bn, slightly short of a Wall Street consensus of $47.3bn.
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