Shares in Apple tumbled after the tech giant reported its first quarterly drop in sales in more than a decade.
CEO Tim Cook blamed an over-saturated market and “strong macroeconomic headwinds” for the company’s first-ever decline in iPhone sales, which caused Apple to fall well short of Wall Street’s quarterly expectations on Tuesday.
Apple posted revenue of $50.6 billion for the second quarter of 2016, bringing in a net income of $10.5 billion and EPS of $1.90. That represents a 13 percent drop from the second quarter of 2015, when the company reported $58 billion worth of revenue and an income of $2.33 per diluted share.
