Leading up to the key report, Apple shares had been falling both year-to-date and on a 52-week basis. In 2016, the stock has shed a little more than 8 percent and over the past year, shares have fallen more than 22 percent.
Apple reported its first decline in year-over-year quarterly sales since 2003 in Q2 2016, when iPhone sales fell 16 percent. Both iPad and MacBook sales also fell by double digits in Q2. In the most recent quarter, iPhone sales were down 15 percent to 40.4 million and total revenue fell by 14.6 percent.
Other notable highlights of the report include a 33 percent year-over-year decrease in China sales, including a 29 percent sequential drop. The company's services business, a growth area for Apple, generated nearly $6 billion in sales, a 19 percent year-over-year increase.
Looking ahead, Apple guided for fiscal Q4 revenue of $45.5 billion to $47.5 billion. This compares to current Wall Street consensus revenue estimates of $45.71 billion for Q4.
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