Apple is set to reveal its fiscal Q2 2016 earnings later today, and the results could be pretty rough for the Cupertino company and its investors. Analysts polled by tech writer Philip Elmer-DeWitt suggest Apple will announce declining quarterly revenue for the first time since 2003 and a significant drop in iPhone sales.
The report predicts $52.2 billion in revenue for Q2 2016, down 10 percent compared to $58 billion in Q2 2015. iPhone sales could also drop by 15 percent year-over-year from 61.1 million to 51 million. iPad sales are expected to fall, too, while Mac sales may hold steady at 4.5 million.
As for the Apple Watch, it’s unlikely the wearable device has sold enough to help boost Apple’s fortunes. The company doesn’t reveal smartwatch sales numbers, however, instead lumping the gadget into its “Other Products” category.
Apple’s already issued its guidance for Wall Street, predicting that Q2 revenue will be somewhere between $50-$53 billion. So the company is set to fall right in line with its guidance. We’ll have all the info from Apple’s official Q2 earnings report later today at around 4:30 p.m. (Eastern Time).