Apple iFall: Shares dive, income drops as iPhone bites into revenue

Apple reported its first-ever drop in iPhone sales since launching the phone in 2007 as the tech giant’s long streak of rising revenue ended, pulling down shares.

Updated on: Apr 28 2016, 13:42 IST

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By HT CORRESPONDENT

With iPhones the main driver of sales for the company, revenue fell on a year-to-year basis for the first time since 2003 — to $50.6 billion from $58 billion a year earlier. (Shutterstock)

Apple on Tuesday reported its first-ever drop in iPhone sales since launching the smartphone in 2007 as the tech giant's long streak of rising revenue ended.

Apple shares dived more than 8% to $95.90 in after-market trades that followed release of the earnings figures.

Analysts said it was not surprising to see the drop given the saturation of the global smartphone market.

Also read: Looking for a smartphone? To check mobile finder

With iPhones the main driver of sales for the company, revenue fell on a year-to-year basis for the first time since 2003 — to $50.6 billion from $58 billion a year earlier.

Let's take a look at four 'falls' the company is facing and four 'hopes' it is banking on.

Graphic: Vignesh Radhakrishnan

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First Published Date: 28 Apr, 13:36 IST