Apple shed more than $40 billion in market capitalization in mere minutes on Tuesday afternoon as the company reported its first revenue decline in more than a decade and its first iPhone sales decline ever. But Apple didn’t just report declines, it reported huge declines and missed Wall Street’s earnings estimates by a shockingly wide margin.
iPhone sales plummeted to 51.2 million units from 61.17 million in the same quarter last year. Earnings per share fell to $1.90 while analysts were expecting $2.00 or more. Revenue sank by nearly $7.5 billion on-year.
There were no bright spots in Apple’s report — it was gruesome through and through. But what does all this mean for Apple’s future?
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