For the first time in company history, Apple recently posted a year-over-year drop in iPhone sales. During the March 2016 quarter, Apple sold 51.1 million iPhones compared to 61.2 million iPhones sold during the same quarter a year-ago. And seeing as how the iPhone is Apple’s primary revenue driver, Apple’s earnings also took a hit, with the company posting EPS of $1.90, down from $2.33 during the year-ago quarter.
Not surprisingly, shares of Apple opened up 8% lower when trading began earlier this morning. And while shares have since climbed back up from a low of $95.98 to about $98, the stock is still down more than 6% as fears of ‘peak iPhone’ continue to grow.