Apple shares were down more than 8 dollars Wednesday after the company reported declining revenues.
The Cupertino giant announced financial results for its fiscal 2016 second quarter ended March 26, 2016, with quarterly revenue of $50.6 billion and quarterly net income of $10.5 billion. These results were down from revenue of $58 billion and net income of $13.6 billion in the year-ago quarter. Gross margin was 39.4 percent compared to 40.8 percent in the year-ago quarter. International sales accounted for 67 percent of the quarter’s revenue.
Apple reported 51.1 million in iPhone sales in the quarter, down from 61.1 million a year ago. iPad sales were 10.25 million in the quarter, down from 12.62 million a year ago. Mac sales also dropped with 4.06 million sold in the quarter, compared to 4.56 million a year ago.
Also of worry for Apple, China sales declined 26% from the previous year with $12.48 billion in revenue.
“Our team executed extremely well in the face of strong macroeconomic headwinds,” said Tim Cook, Apple’s CEO. “We are very happy with the continued strong growth in revenue from Services, thanks to the incredible strength of the Apple ecosystem and our growing base of over one billion active devices.”
The Company also announced that its Board of Directors has authorized an increase of $50 billion to the Company’s program to return capital to shareholders. Under the expanded program, Apple plans to spend a cumulative total of $250 billion of cash by the end of March 2018.