For the first time since 2003 tech giant Apple has reported a quarterly sales decline, immediately spurring speculation that the glory days of the most valuable publicly traded company are behind them.

The company released the quarterly earnings report at 4:25pm EST when their shares were worth 104$, within half an hour the price had fallen 7.8% to $97, before finally closing at $96.

After 8 years of continuous sales growth since its introduction in 2007, the Iphone was most likely responsible for this quarter’s downturn, having reportedly sold almost 10 million fewer units than in the same quarter last year.

Apple CEO Tim Cook attributed the fall in sales to the popularity of the Iphone 6 disincentivising customers from upgrading to this year’s model. Others have attributed the decline in sales to the falling Chinese economy, whose sales of Apple products is second only to the US.

Apple reported a profit of $10.52 billion in the quarter, down from $13.57 billion a year earlier, and a total revenue of $50.55 billion for the quarter, down 13% from $58 billion a year earlier.

 

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