PEAK APPLE?

Apple’s first-quarter earnings in charts

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This post has been updated. Apple reported its first-quarter results today. As expected, growth slowed to a halt, thanks in part to foreign currency fluctuations. First-quarter sales reached $75.9 billion, up 2% year-over-year, and the company now has $216 billion in its cash pile.

More importantly, its forecast for the March quarter was below Wall Street’s expectations, but perhaps not as bad as it could have been. Apple is indeed predicting its first quarterly revenue decline in more than a decade; it expects second-quarter sales between $50 billion and $53 billion, versus $58 billion a year ago. But the rest of the year should be better. Shares fell 2% in after-hours trading.

We live-charted Apple’s results as they were reported. Live updates follow.

4:02pm: Apple shares closed today at $99.99, up 0.6% on the day. Shares are down about 16% since Apple last reported results in late October, 2015.

4:32pm: Apple’s release is out. Overall, the company reported $75.9 billion in revenue, representing 1.7% year-over-year growth, slightly less than expected.

4:38pm: The big one: Apple’s forecast for March quarter sales was lower than expected. The company predicts it will generate $50 billion to $53 billion in sales this quarter, or a midpoint of $51.5 billion. Analyst consensus for the March quarter was $55.6 billion. This suggests Apple will indeed post its first year-over-year revenue decline in more than a decade this quarter. A year ago, Apple reported $58 billion in March quarter revenue.

4:40pm: Even still, Apple’s stock price in early after-hours trading is pretty flat. Perhaps this is an indication that investors were already ready for this sort of news—and possibly that they think Apple is being conservative about its guidance. It has, indeed, beat the high end of its guidance most of the quarters over the past two years. (Except this past quarter.)

4:43pm: iPhone sales set a new record, barely, at 74.8 million. The iPhone business represented 68% of Apple’s overall sales, down a hair from last year’s December quarter, when it was 69%.

4:46pm: Apple’s China business continues to grow, though at a slower rate. Greater China generated $18.4 billion in sales last quarter, or about 24% of Apple’s total. China sales grew 14% year-over-year, a deceleration from 99% in the September quarter and 70% during the December 2015 quarter.

4:51pm: What about the Apple Watch? Apple once again didn’t reveal sales in its earnings release. But you can see its effect. Sales in its “Other Products” category—which includes the Apple Watch, the iPod, and the Apple TV—grew to $4.35 billion, up 62% year-over-year and up 43% from the September quarter.

4:55pm: Remember the iPad? Apple’s tablet business continues to shrink. Sales reached 16.1 million, which isn’t an awful number. But that represented a 25% year-over-year decline in unit sales, its worst percentage decline yet.

4:58pm: The iPad Pro launched during the December quarter, and might have had a tiny effect on the iPad’s average selling price, which increased about $7 during the quarter to $439.40. The iPhone’s average selling price, meanwhile, made a bigger jump, up $20 to $690.50.

5:03pm: Apple has provided a “supplemental material” presentation (pdf) for the first time in recent memory. In it: This chart highlighting Apple’s “currency index,” showing how its non-US dollar revenue has declined in value since 2014.

Apple says revenue would have reached $80.8 billion in constant currency, representing 8% growth.

5:06pm: What about the Mac? Apple’s classic PC business shipped 5.3 million units during the quarter, down 4% year-over-year. Still, the Mac continues to outperform the greater PC industry, which declined 10.6% during the quarter, per IDC.

5:10pm: Here’s the overall big picture. Not much movement this quarter, though the iPad business jumped back out in front of the Mac in revenue.

5:12pm: On the company’s earnings call, CEO Tim Cook noted the company’s cash pile is now about $216 billion.

5:16pm: Apple is touting that it has an installed base of 1 billion: “iPhone, iPad, Mac, iPod touch, Apple TV, and Apple Watch devices that have been engaged with our services within the past 90 days.” About 75% of iOS users are now using iOS 9, by the way.

5:31pm: Apple set a new profit record, reporting $18.36 billion in net income.

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