Apple sells fewer iPhones than expected in latest quarter

Apple said earnings for another quarter will be between $50bn (GBP 34bn; Euro 46bn) and $53bn, below the $58bn it reported for the exact same period a year ago.

However 74.8 million units were sold, generating $51.64 billion for the company – an increase of one percent.

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’s iPhone shipments in the first quarter fell short of market expectations of 75.5 million, according to research house FactSetStreetAccount.

The Other category which also features the new Apple TV, Beats headphones and iPods (yes they’re still on sale) brought in revenue of $4.3 billion.

More importantly, Apple has predicted that overall revenue will fall in the current quarter.

How a soft Chinese market is affecting Apple’s sales.

Compared to the same period in 2015, Apple posted figures of $74.6 billion and $18 billion, respectfully.

Here’s what Apple’s quarterly iPhone sales look like to date. Some investors are already treating Apple more like a value stock than a growth stock, associating the company with predictable business results and a reliable dividend.

“Our team delivered Apple’s biggest quarter ever, thanks to the world’s most innovative products and all-time record sales of iPhone, Apple Watch and Apple TV”, Tim Cook, Apple’s Chief Executive Officer, said in a prepared release.

But Apple reported earnings of $3.28 per share, beating the average analyst estimate of $3.23 per share.

Maestri attributed the lackluster revenue to foreign exchange headwinds, which he said knocked about US$5b off the company’s revenue. Reports of a cut in Apple production earlier this month sent shares tumbling under $100 for the first time since 2014.

Apple forecasts that its total revenue in Q2 2016 will be between $50 and $53 billion, compared to $58 billion in the year-ago quarter, signaling the company’s first year-over-year drop in revenue in thirteen years.

The slowdown comes as Wall Street analysts worry that the company does not have another blockbuster product to replace the iPhone.