WASHINGTON (Sputnik) — Investors expected to see earnings of approximately $2 a share and revenue closer to $52 billion, according to media reports. Soon after the second quarter earnings release, Apple shares dropped 6 percent.
"The Company posted quarterly revenue of $50.6 billion and quarterly net income of $10.5 billion, or $1.90 per diluted share," Apple stated on Tuesday. "These results compare to revenue of $58 billion and net income of $13.6 billion, or $2.33 per diluted share, in the year-ago quarter."
However, Apple’s CEO Tim Cook said he was satisfied with the company’s performance.
"Our team executed extremely well in the face of strong macroeconomic headwinds," Cook stated.
In the last quarter, Apple sold 51.2 million iPhones and 10.3 million iPads, along with four million Mac computers, according to the report.
Significant share of Apple’s loss, a 26 percent decline in sales, is attributable to its performance in China.
In the first quarter of 2016, Apple earned record $76 billion.
