What Wall Street Analysts Are Saying About Apple's Ugly Quarter
Apple Feeling Pain at the End of the iPhone 6 Cycle
After 51 consecutive quarters of uninterrupted sales growth, one word was conspicuously absent from the headline of Apple Inc.'s latest earnings release: "Record." As in, no new sales record for the company's flagship products. The tech giant is having a tougher time selling everything from MacBooks to its main revenue driver, the iPhone.
Rumors of struggling sales have been dominating the conversation around Apple for the past few months, so analysts were largely expecting a decline in the iPhone's numbers. However, guidance for the upcoming quarter also fell far short of expectations. Prior to the earnings report, the shares had already fallen about seven percent from a 2016 high made less than ten sessions ago. They're set to shave off another 7.5 percent when the market opens on Wednesday.