Apple revenue drops 13% to $50.6 billion in Q2

Apple Q2 revenue 2016
Apple said its revenue fell 13 percent to $50.6 billion in second quarter of fiscal 2016 from $58 billion, while net income dropped to $10.5 billion from $13.6 billion — due to poor demand for the latest iPhone.

“Our team executed extremely well in the face of strong macroeconomic headwinds,” said Tim Cook, CEO of Apple, in a statement.

Apple has reported 16 percent drop in unit sale of iPhones in Q2, 19 percent dip in iPad and 12 percent decline in Mac computers. Apple has sold 51.19 million iPhones, 10.25 million iPads and 4.03 million Mac PCs during the second quarter of fiscal 2016.

Revenue of Apple declined in all regions excluding Japan. Apple revenue recorded dip of 10 percent in Americas, 5 percent in Europe, 26 percent in Greater China, 25 percent in Rest of Asia Pacific. Apple revenue in Japan rose 24 percent.

Apple is targeting revenue between $41 billion and $43 billion during its fiscal 2016 third quarter. The guidance indicates that Apple is not expecting any improvement in sales from iPhones in coming months.

Baburajan K