Apple revenue falls for first time in 13 years

After 13 years of steady growth, Apple revenues fell for the first time in the first quarter of 2016, reports The Wall Street Journal.

For the first quarter of 2016, Apple reported $50.55 billion in revenue, down 12.8 percent from $58.01 billion in the same quarter the previous year. According to WSJ, much of the decline in revenue can be attributed to falling sales in the China market, where revenue fell $4.3 billion in the first quarter, compared to last year's quarter which experienced 71 percent growth.

Apple's quarterly profit is also down. The company reported $10.52 billion in profit for the first quarter of 2016, down 22.5 percent from the previous year's first quarter profit of $13.6 billion.

Unit sales for iPhones, iPads and Macs all declined in this quarter compared to last year's quarter, according to Ars Technica, which reports iPhone sales fell 16 percent, iPad sales fell nearly 19 percent and Mac sales fell 12 percent. However, the report says Apple's Services category, which includes software sales to iCloud subscriptions to revenue from the App store, grew 20 percent, from $4.99 billion to $5.99 billion.

"Our team executed extremely well in the face of strong macroeconomic headwinds," Apple CEO Tim Cook said in an earnings statement. "We are very happy with the continued strong growth in revenue from services, thanks to the incredible strength of the Apple ecosystem and our growing base of over 1 billion active devices."

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