Apple's iPhone sales decline leads to worst quarter in 13 years

Apple has announced its financial results for Q2 of its 2016 fiscal year. The company sold 51.2 million iPhones, 10.3 million iPads and 4 million Macs. This resulted in $10.5 billion in profit, along with quarterly revenue of $50.6 billion, down by a roughly 13 percent against $58.1 billion in the same quarter a year go, representing the first YoY quarterly sales drop since 2003, mainly due to iPhone sales.

iPhone sales declined for the first time in 13 years and the sales figure were down 16 percent, compared to 61.2 million in the same quarter a year ago, but above analysts' estimates of about 50 million devices. 

Apple CEO Tim Cook said that iPhone is still attraction millions of first-time smartphone customers each quarter, especially from emerging markets. Cook also said that Apple added more switchers from Android and other platforms in the first half of the year than in any other six month period ever.

Cook said that iPhone sale were up 56 percent in India from a year ago, and 4G will drive the growth further in the country since the LTE roll-out has begun to expand. He also said that India is where China was '7-10' years ago, which it comes to economics and market potential.

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