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Bill Gates believes in the value of education – despite the fact that his own success story paints a different picture. Quite simply, he’s probably the most famous dropout in the history of Harvard University, having bailed in 1975 to start a little-known venture called Microsoft. Speaking on Friday at another Ivy League university, Columbia

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Apple suffers first yearly revenue decline since 2003

Ahead of Apple’s financial report for the second fiscal quarter of 2016, the outlook wasn’t too rosy for the tech giant. Unfortunately, the statistics reported Tuesday are worse than what many analysts had foreseen.

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For the second quarter of 2016, or the first calendar quarter of the year, Apple recorded profit of $10.5 billion on a revenue of $50.6 billion, or $1.90 per diluted share. This is a decline from the year-ago data of $13.6 billion profit on $58 billion revenue, or $2.33 per diluted share. This marked the first year-over-year decline in quarterly revenue for Apple since 2003. Gross margins were also down to 39.4 percent in fiscal Q2 2016, down from 40.8 percent one year ago.

As many had expected, Apple recorded its first-ever yearly decline in iPhone sales per quarter, as it sold only 51.1 million iPhones in fiscal Q2 2016, down from $61.2 million in fiscal Q2 2015. Mac sales were likewise down to 4.03 million units from 4.56 million units, while iPad sales continued to tumble, as Apple sold just 10.25 million tablets last quarter, down from 12.6 million. For the fiscal third quarter of 2016, Apple forecasts revenue of $41 to $43 billion and gross margins of 37.5 to 38 percent.

Despite the downbeat statistics, Apple stressed that it was still a solid quarter despite all the challenges it encountered.

“Our team executed extremely well in the face of strong macroeconomic headwinds,” said Apple Chief Executive Timothy D. (Tim) Cook in a statement. “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.”

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