Apple is scheduled to announce their earnings for the fiscal second quarter of 2016 later this afternoon, and analysts expect the iPhone maker to report their first quarterly revenue decline since 2003, ending over 50 consecutive quarters of year-over-year revenue growth.
Wall Street analyst expect the Cupertino firm to report revenue of around $52 billion, down almost 10% from the same quarter one year ago. Earnings reported today will cover the three-month period of December 27, 2015 to March 26, 2016.
Apple itself had warned its earnings may show a decline for the quarter, projecting quarterly revenue of between $50 and $53 billion, compared to $58 billion in the year-ago quarter. The expected decline will become fact if it is reported that the company sold fewer than 61.2 million iPhones this quarter. Most analysts expect the iPhone numbers to come in around the 50 to 51 million mark.
It will take another quarter to find out if Apple’s new iPhone SE has any impact on iPhone sales numbers, and the budget 4-inch iPhone debuted on March 31, five days after the second quarter ended.
Apple’s numbers should be published around 1:30PM Pacific time, followed by an earnings call with the media at 2:00PM Pacific. Apple CEO Tim Cook and CFO Luca Maestri will participate in the call.
MacTrast will cover the financial report and liveblog the earnings call as it happens. Be here at 2:00PM Pacific/5:00PM Eastern for coverage of the call.