Apple Reports Record First Quarter Results

The disappointing figures came as no surprise to most – reports of a major slow down in supply chain orders for the iPhone 6s, indicating weak sales, have persisted through the winter – though Apple’s own forecast for the current quarter ending in March was startlingly downbeat.

He said he believes investors will pin their hopes to the likely release of a new iPhone in September, a pattern Apple has followed over the past few years.

Apple has announced its first fiscal quarter 2016 results, these results cover the three month period up until the 26th of December 2015. Global sales accounted for 66% of quarterly revenue, according to the Cupertino, California-based tech giant.

Entering the second quarter, the firm is being conservative in its projections when compared to earnings reported during the same quarter past year.

Apple, during the all important quarter that includes the holidays, sold 74.78 billion units of iPhones, compared to a total of 74.5 million during the previous holiday quarter. During the quarter, the company sold 74.8 million iPhones, 16.1 million iPads, and 5.3 million Macs. If that were to be the case, it would mark Apple’s first fall in revenues since the launch of the first iPhone.

On the one hand, Apple managed a record-breaking $18.4 million profit on $75.9 billion revenue; the largest ever amassed by a single public corporation. Apple is banking on a push into the business market to help revive the tablet market it did so much to create.

The iPhone did at least manage some nominal growth, but other Apple products fared less well.

The news has seen Apple’s share price slide by 2.7%, despite the fact that the results represent Apple’s best ever. Some analysts remain optimistic in Apple’s ability to drive growth amid the troublesome economy.

In a conference call with financial analysts, Apple CEO Tim Cook said the company is vulnerable to significant impacts from foreign exchange rates, since two-thirds of its business comes from outside the U.S. Also, the company generated $51.6 million revenue through its iPhone sales in the most recent quarter, increase one percent year-over-year and 60 percent quarter-over-quarter.