Apple sold less iPhones this quarter, revenues are also down

Apple has just posted its quarterly results, where we now know that the company sold 40.4 million iPhones in the three-month period, compared to 47.5 million from the same time last year. This is a 15% drop, very similar to the 16% year-over-year drop, and it's not good.

When it comes to the money side of things, Apple pulled in $42.4 billion in revenue with a net income of $7.8 billion, or $1.42 per share. Comparing that to the same quarter of 2015, Apple generated $49.6 billion in revenue, had a net income of $10.7 billion, or $1.85 per share.

Analysts expected Apple to have $42.2 billion in revenue and have sold 40 million iPhones, so Apple barely beat analyst expectations. For 10 quarters in a row now, iPad sales have declined, down 9% to 9.95 million units sold. Apple sold 4.3 million Macs, which is down 11.3% year-over-year.