Apple has reported a slump in revenue for the first time in 13 years. A drop in revenue was primarily driven by declining sales of the iPhone after just 51 million units in the first quarter of 2016, down from 61 million units sold in the last quarter.
Most of Apple’s revenue is generated from the sale of iPhones as its iPads and Macs represent barely a third of its earnings. Many feel that a decline in sales is a direct result of a lack of innovation in the iPhone as it recently released the iPhone SE to mixed reception and criticism from analysts.
Although the sales figures for the iPhone SE have not been released, there are already reports of lackluster sales.
Despite the slide, Apple remains in a very strong position, posting a profit of $10.5 billion for the same quarter as CEO Tim Cook insists that the company’s ‘future is very bright’.