Apple revenue and iPhone sales are down

Apple today announced its financial report for Q3 FY2016 (Q2 CY2016), revealing a drop in revenue and falling iPhone sales compared to both the previous quarter and this time last year. Apple posted quarterly revenue of $42.4 billion and a net income of $7.8 billion, with the bulk (nearly $18 billion) coming from the Americas. This revenue is compared to $50.5 billion in Q2 FY2016 and $49.6 billion in Q3 FY2015, drops of 16 percent and 15 percent respectively. The iPhone sales slump is also continuing, with 40,399 units sold in Q3 FY2016 compared to 51,193 in the previous quarter… [Continue Reading]