From CNET: Apple on Tuesday reported its first-ever drop in iPhone sales, with fiscal second-quarter unit shipments down 16 percent to 51.2 million. That's lower than the 61.1 million the company sold the same time last year, though it is in line with the 51 million analysts expected Apple to sell in the three months ended in March.
Even worse, the company said sales for this quarter may fall double-digits yet again. Apple's targeting sales between $41 billion and $43 billion for the three months ended in June, below analyst expectations of $47.3 billion.
Apple shares dropped more than 6 percent in late trading.
Tim Cook, Apple's CEO, said the company is struggling to keep up its historically massive growth, though he insisted the company's future is still bright.
"Our product pipeline has amazing innovations in store," he said.
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