Apple Inc. is about to report that it had its worst quarter in thirteen years, CNN Money reported on Monday.
Apple is expected to announce by Tuesday morning that its profits and sales both fell in the last quarter, a rare event for the multinational tech giant. Apple has been growing at a rapid pace for years, becoming the largest consumer electronics company in the world.
This news may come as a shock, seeing as how the last time Apple posted its earnings, it was not only the most profitable period in the history of the company, but the single most profitable quarter in all of corporate history. For the first quarter of 2015, Apple posted $13.6 billion in profit. For the fiscal year ending September 2015, according to its official website, Apple reported a staggering worldwide revenue of $233 billion, roughly equivalent to 1.25 percent of the GDP of the United States.
But now, the company has recently fallen on hard times due to sinking sales of the iPhone and Apple's other signature electronics. The forecast for earnings for the first quarter of 2016 is $11.1 billion, or down by 18 percent from early 2015, marking the first quarter Apple's profit has fallen since the last quarter of 2013.