Apple, on Tuesday announced their financial results for the second quarter of fiscal year 2017. Financial Statements revealed that Apple had sold 50.8 million iPhone units this quarter, which were down by (35%) compared to last quarter of same fiscal year. The year on year change was also (1%).
The company posted revenue of 52.9 billion up 1% compared to last year’s second quarter earnings. Last year, Apple posted its first ever sales decline since 2001. Last year’s sales decline continued for three quarters until they were rescued by higher demand of iPhone 7 Plus in December.
Post the recent financial announcement by Apple, some analysts suggest that consumers have held off buying iPhone as they wait for new updated version expected to launch this year. However, announcement pushed Apple (AAPL) stocks down by 2pc. The trouble for Apple does not end here, iPad sales are also declining with Apple selling 8.9 million iPads this quarter, down by 13% compared to the same quarter last year.
Furthermore, revenue for Apple services (Digital Content and Services) and other products (TV, Watch, Beats etc) increased by 18% and 31% respectively.
Apple (AAPL) has seen a 55% increase in its stock price since May 2016. The recent increase being attributed to the investors’ high expectation from the much hyped iPhone model launching this year on its tenth anniversary.