Apple posted a rare decline in revenue and profits for the second quarter - the first time it has done so in more than a decade. CEO Tim Cook cited steep declines in revenue from China and slowing iPhone sales as the main catalysts behind the surprising profit slump.
Revenue for the quarter ended in December came in at $84.3 billion, which is a 4.5 percent decline from the same quarter last year.
Profits slid to $19.97 billion for the quarter, down from roughly $20 billion in the same quarter last year.
Greater China revenue declined a whopping 26 percent compared to last year, with sales in the region coming in at $13.17 billion.
The results came after Cook warned investors this month that the firm was lowering its revenue expectations for the all-important holiday quarter, which is something it hasn't done since 2002. ... spill TEA ☕ Easy on Shade #jaiyeorie
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