CEO optimistic in spite of Apple’s revenue dipping for the first time in 13 years

In a development that sent shock waves around the world of technology, Tech giant Apple’s revenues plunged for the first time in 13 years. Late on Tuesday, Apple announced financial results for its fiscal 2016 second quarter ended March 26, 2016.

The company posted quarterly revenue of US$ 50.6 billion, down from US$ 58 billion in the year-ago quarter. Its quarterly net income stood at US$ 10.5 billion, a decline from US$ 13.6 billion in the same period last year. Sales of its best-selling iPhone dropped year-over-year for the first time, slipping to $51.19 million in the recently ended quarter compared with $61.17 million in the same period a year ago.

Despite the decline, Apple’s CEO Tim Cook sounded an optimistic note saying “this too shall pass” and “the future of Apple is very bright,” adding that “our product pipeline has amazing innovations in store.” While sales for Apple in China, its second-largest market after the United States, fell 11 per cent, in India iPhone sales were up 56 per cent from a year ago.

Cook said Apple is placing increasing emphasis in such emerging markets where it’s clear there will be disproportionate growth as compared to the more developed areas.