Apple has reported their first revenue decline in fifteen years, due to disappointing sales in the 6S, as well as the overall smartphone market.
Reported by the Wall Street Journal, Apple, the most valuable company in the world, has seen a decrease in sales (as have most smartphone makers) due to the slowing market growth, especially in China, where the market was growing the fastest.
The other reason is because of the “lukewarm” sales of the 6S.
Apple’s net income fell 19 percent to $9 billion, down from $11 billion during last year’s fourth quarter. Revenue fell 9 percent to $46.9 billion, with the company selling 45.5 million iPhones, 2.5 million fewer than last year.
However, Apple is projecting a revenue of between $76 billion and $78 billion in the current quarter, a rise from last year. With the iPhone 7 and 7 Plus coming out, Apple hopes it will push them into strong sales
Revenue from services like Apple Music, iTunes, and the App Store have also grown 24 percent from last year.