Apple forecasts rare sales drop

Associated Press

SAN FRANCISCO

Apple is bracing for its first sales decline in 13 years, despite selling a record 74.8 million iPhones in the final three months of 2015.

The giant tech company says revenue could fall at least 8.6 percent during the January-March quarter, compared with a year earlier. Analysts say the latest iPhone models are selling reasonably well, but they’re not providing the boost Apple needs to match the massive sales growth it enjoyed last year.

The company inched past its previous record, established when it sold 74.5 million iPhones in the holiday quarter of 2014. But Tuesday’s forecast implies Apple doesn’t expect to match the 61 million iPhones sold in last year’s January-March quarter.

Apple’s stock has been in a slump for months, as investors worry that the company won’t be able to duplicate last year’s growth in sales, which were in the double-digit percentages.

The giant tech company is in no financial danger. It earned $18.4 billion in profit for the October-December quarter, up 1.8 percent from a year earlier. It had $75.9 billion in revenue, an increase of 1.7 percent.