Today, Apple announced yet another milestone during its earnings results for the first quarter: The iPhone manufacturer has a staggering 1 billion Apple devices that are actively being used around the globe.
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Apple has announced record iPhone sales of 74.8 million in its first quarter of 2016, a very slight increase on the 74.5 million in the same period past year.
Apple pointed to flailing in the Chinese consumer market, now a crucial region for iPhone sales, as a culprit behind the sluggish growth. As for other products in Apple’s lineup, iPad and Mac sales checked in at 16.12 million and 5.31 million respectively.
Apple has shipped more than a billion devices in the past: the company sold its billionth iOS device back in November 2014. In pre-market trading, shares of AAPL were down about 4 percent.
Despite, the efforts of the company’s Chief Executive Officer Tim Cook to expand in China and broaden its offering range by launching new services and products like Apple Watch, its extreme reliance on iPhone exposes it to the threat of any slowdown in its demand.
Apple said it forecasts revenue for that period to be between $50 billion and $53 billion, which is down from $58 billion the same period a year ago.
Apple reported an $18 billion profit for the final three months of 2015, beating analysts expectations, but warned its revenues could decline in the coming quarter – a drop that would be the first such quarterly year-on-year decline in 13 years. “We had the mother of all balance sheets, with almost $216bn in cash, which translates to nearly $39 per diluted share of Apple stock”.
Apple generated total revenue of $75.9 billion, up from $74.6 billion a year earlier. Seeing as the iPhone accounted for 68% of Apple’s revenue in the quarter, that lack of growth is notable.
In financial results for its fiscal 2016 first quarter Apple posted record revenue of $75.9 billion (€69.7bn) and record quarterly net income of $18.4 billion.
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Kagan said he expects the newest version of the iPhone to spur growth, provided it has the right eye-catching new features.
