Apple's second-quarter earnings are out, and finally, it's happened - Apple's 13-year growth streak has come to an end.
Here's exactly how it happened.
First, since everyone's talking about it, let's look at the iPhone.
Apple shipped 51.1 million units, which isn't as bad as was expected (the figure to beat was 50.7 million units). That's a unit drop of 32 percent since the previous quarter, and 16 percent down year-on-year. Notice though how it's a sharper decline between first and second quarter unit sales than Apple has previously seen. The momentum generated by the launch of a new iPhone hasn't carried over as strongly into this quarter as previously, suggesting that it's not as big a hit.
If that's not enough doom, it also looks like the iPhone average selling price has dropped dramatically this quarter, from $690 last quarter to around $641, and this is before the launch of the iPhone SE. This suggests that consumers were opting to buy cheaper/lower capacity iPhones over higher priced models.
Despite all the doom and gloom, this is still Apple's fourth best iPhone quarter to date.
Things, quite honestly, could have been a lot, lot worse.
What's really worrying though is not only have iPhone sales gone weak, the safety net that Apple built around the iPad and the Mac is evaporating.
Coming to the iPad, it's clear that sales are weak, but there are signs that they could be stabilizing at around the 10 million mark. You might think that this is as a result of the iPad Pro, but given that the average selling price has been hovering around $430 mark for a few quarters, this is unlikely.
Despite this stabilizing, iPad sales are down 36 percent compared to the previous quarter, and down 16 percent year-on-year.
Finally, the Mac. Well, it looks like the weakening that the PC market has been experiencing has hit Mac sales, and walloped them hard. Sales have slumped to the 4 million mark down 24 percent compared to the previous quarter, and down 12 percent year-on-year.
Mac sales haven't been near this level since Q2 14.
Average selling price is still hovering around the $1,260 mark.