Apple is reporting a record quarterly revenue of $US75.9 billion ($108 billion), surpassing the the $US74.6 billion ($106 billion) it reported last year.
Despite the record-setting revenue, Apple executives aren’t celebrating. That’s because Apple also reported iPhone revenue will decline at its steepest rate in 15 years. The loss marks an end to more than a decade of accelerated growth and a cultural phenomenon created by the tech giant.
Apple says that it expects to see revenue of $US50 billion ($71 billion) to $US53 billion ($76 billion), which is significantly below the $US55.47 ($79) billion that analysts were predicting. If those numbers are true, it would be the worst year-over-year quarterly decline at Apple since 2001.