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Economy In Decline: Apple Reports Massive Revenue Decline As iPhone Sales Plummet Dramatically

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Apple iPhone And Apple Computer - Public DomainCorporate revenues in the United States have been falling for quite some time, but now some of the biggest companies in the entire nation are reporting extremely disappointing results.  On Tuesday, Apple shocked the financial world by reporting that revenue for the first quarter had fallen 7.4 billion dollars compared to the same quarter last year.  That is an astounding plunge, and it represents the very first year-over-year quarterly sales decline that Apple has experienced since 2003.  Analysts were anticipating some sort of drop, but nothing like this.  And of course last week we learned that Google and Microsoft also missed revenue and earnings projections for the first quarter of 2016.  The economic crisis that began during the second half of 2015 is really starting to take hold, and even our largest tech companies are now feeling the pain.

This wasn’t supposed to happen to Apple.  No matter what else has been going on with the U.S. economy, Apple has always been unshakeable.  Even during the last recession we never saw a year-over-year decline like this

Apple today announced financial results for the second fiscal quarter (first calendar quarter) of 2016. For the quarter, Apple posted revenue of $50.6 billion and net quarterly profit of $10.5 billion, or $1.90 per diluted share, compared to revenue of $58 billion and net quarterly profit of $13.6 billion, or $2.33 per diluted share, in the year-ago quarter. As expected, the year-over-year decline in quarterly revenue was the first for Apple since 2003.

I think that this announcement by Apple is waking a lot of people up.  The global economic slowdown is real, and we can see this in iPhone sales.  During the first quarter, Apple sold 16 percent fewer iPhones than it did during the same quarter in 2015.  This is the very first year-over-year quarterly sales decline for the iPhone ever.  Here are some of the specific sales figures from the Apple announcement…

Apple sold 51.1 million iPhones during the quarter, down from 61.2 million a year earlier, while Mac sales were 4.03 million units, down from from 4.56 million units in the year-ago quarter. iPad sales were also down once again, falling to 10.25 million from 12.6 million.

Once these numbers hit the wires, shares of Apple immediately began to plummet during after-hours trading.  In fact, USA Today is reporting that Apple has already lost 43 billion dollars in market value since the annoucement…

Shares of Apple are getting hit roughly 8% in after-hours trading, tumbling to $96.67. They closed in regular trading at $104.35, or down 0.7%, putting them down 0.9% for the year. The downward move in after-hours trading means the company shed $43 billion in market value based on after-hours trading.

Wow.

Meanwhile, shares of Twitter are crashing in after-hours trading after the social media giant also announced very disappointing results.  The stock has now dripped below 16 dollars a share, and the company continues to lose tremendous amounts of money

For all its other travails, Twitter is unprofitable. It narrowed its loss but still recorded a loss of $79.7 million, or 12 cents a share, compared with a loss of $162.4 million, or 25 cents a share, in the year-ago quarter.

Of course it isn’t just the tech giants that are troubled these days.

On Tuesday we learned that same-store sales for Chipotle declined by a whopping 29.7 percent during the first quarter, and appliance manufacturer Whirlpool has seen sales fall all over the planet

Whirlpool, the world’s biggest appliance manufacturer, has become the poster child for the deep challenges facing multinational companies these days.

– Latin American sales plunged 22%.

– Revenue fell 8% in Europe, Middle East and Africa.

– Asia sales dipped 2%.

When is it finally going to sink in for most people?  The global economy is slowing down significantly, and the next global economic crisis is already here.

Of course the oil companies are feeling more pain than anyone else.  According to CNN, the crash in the price of oil has cost the 40 largest publicly-traded U.S. oil producers 67 billion dollars

American oil companies are drowning in a sea of red ink.

The crash in crude oil prices caused a stunning $67 billion in combined losses by 40 publicly-traded U.S. oil producers last year, according Energy Information Administration research. And the bleeding is expected to continue at least early this year for many.

The losses surpassed $1 billion each from struggling oil companies like EOG Resources (EOG), Devon Energy (DVN) and Linn Energy (LINE) as well as SandRidge Energy (SD), the shale oil driller that recently admitted it’s exploring a bankruptcy filing.

That is an astounding amount of money.

These days we throw around terms like “millions” and “billions” so much that they almost lose their meaning.

But this is real money that we are talking about here.

In recent days, Barack Obama has been running around boasting that he saved the world economy from another Great Depression.  But that isn’t true at all.  Instead, our “leaders” have simply set the stage for a larger and more painful crisis.  I like the way that Doug Casey recently put it

You’ve got to remember that all of these governments and central banks all around the world have driven interest rates not just to zero, but to negative levels in some cases… and they are simultaneously printing up trillions of currency units. And even while they are desperately doing that the economy is falling apart in lots of different ways.

…They’ve created a super-bubble in bonds, a bubble in stocks, and meanwhile commodities have collapsed and are below production costs in many cases.

…The economy is going to be very, very bad… It’s the next stage of what I call the Greater Depression. 

Whether you want to call it a “Great Depression”, a “Greater Depression” or “The Greatest Depression”, the truth is that we are heading into a period of time that will be unlike anything any of us have ever experienced before.

The greatest debt bubble in the history of the planet is starting to implode, and this time the central bankers and the politicians are not going to be able to put the pieces back together again.

But just like in 2008, the vast majority of the population will not recognize the warning signs until it is way too late.

*About the author: Michael Snyder is the founder and publisher of The Economic Collapse Blog. Michael’s controversial new book about Bible prophecy entitled “The Rapture Verdict” is available in paperback and for the Kindle on Amazon.com.*

 
  • Bill

    I’m sure the next few days will bring a new distraction of some sort to make today’s news look like another minor bump in the road. Some revelation about today’s primary results will do and by the end of the week it might be that the big swell in the Atlantic off the east coast was caused by the destruction of a N Korean sub– and the world keeps turning–

    • michael Malachi

      Thank you Michael for all of your hard work here on the economic collapse blog. I pray that God will bless you and open your eyes to a much greater extent to bring truth to those that are searching.

    • SunnyFlaSnotress

      It already looked minor to me

  • ALWAYSTOMORROW

    I know bible verses are popular here.

    Ecclesiastes 1:9 (KJV)
    The thing that hath been, it is that which shall be; and that which is done is that which shall be done: and THERE IS NO NEW THING UNDER THE SUN.

    • aldownunder

      Why encourage them

      • ALWAYSTOMORROW

        Not an encouragement. Using their ammunition to show nothing new. Same old same old showing only the bad and no good.

        • aldownunder

          Yeah fair call but I can imagine the replies to that verse on here when I look in the morning
          They need no encouragement to start bible thumpin,the comment section usually gets hijacked by them

          • ALWAYSTOMORROW

            Do what I do. Smile at the responses and go about your day.

          • aldownunder

            I understand just so much dribble to sort through to get to the comments that are worth reading

          • ALWAYSTOMORROW

            True. I know my comments add nothing. I just find it entertaining how easy it is to rile up people. Childish, I know. Still fun. 😉

          • aldownunder

            Yeah not a bad spectator sport

          • Mr. Cipher

            That’s why you’re ALWAYSATURD

          • Rorschach

            He’s alwaysafailure.

          • Guest

            Tell me, Always, If I remember correctly, you have a grandchild (grandson?) So, what kind of example are you setting for him/her? Just something to chew on for a bit.

        • Rorschach

          Alwaysafailure is at it again. Showing just how worthless he is.

      • SunnyFlaSnotress

        Yeah AlwaysTomorrow.. you switching teams on me?

        • ALWAYSTOMORROW

          Hell no. Playing mind games.

          Join in. 🙂

          • SunnyFlaSnotress

            ::whew:: ok 🙂

  • Willard Ferch

    O. saved the economy and Clinton saved Social Security! What a pair of heroes! Their egos are only topped by their stacks of lies! To contemplate their salvation is a daunting thought, but with God all things are possible, I guess…I hope… Fiddlin

  • srknox

    Watch out! When the income of the poor, disadvantaged, undeserved, benefits (bet it fits), suddenly meets and exceeds that of the Jones, then the gig is up. Watch out below!

    • srknox

      You are in for a dam hard decline

  • James

    There are 2,000 publicly traded companies.
    This article lists 9.
    Try getting good sample sizes and then we will talk. Give me aggregate data, not anecdotes.

    • James W

      Nasdaq Futures tumbled 1.1%. It covers 100 companies and it should be representative huh?

      • James

        1.1% in a day.
        I am going to pretend that is not normal flucation

    • Scott Comin

      he is talking about the most important companies. he also compares their earnings against another time period. you dont.

    • Rorschach

      James trolling again? Remind me when we saw such tech companies decline that much? I don’t recall seeing Apple losing this much market value/stock value in a long time. After all apple is part of the FANGS.

      • SunnyFlaSnotress

        You like fangs? ::wink;wink:: 🙂

        • Rorschach

          I’m not into the kinky stuff that you are into troll.

          • SunnyFlaSnotress

            tsk..your blood is probably very pure from lack of partners

          • Rorschach

            Funny you should mention that. Sunny at your weight I am not even sure you could get a partner if you paid them and you would probably just crush them anyway.

          • SunnyFlaSnotress

            my weight isn’t high.. but i understand your fear

          • Rorschach

            Don’t worry your flubber might one day be used for mockery.

          • SunnyFlaSnotress

            my flubber?

      • greyprepper

        James is no troll. He’s a d*ck but he makes some excellent points. I personally enjoy reading his comments.

        • Rorschach

          I think he’s both a troll and the word you used to describe him.

    • df NJ

      The Age of Reason is dead. Give me superstition and God!

      • Rorschach

        Yes after all it is the Age of the Sheeples.

      • Jerry C

        Superstition? Believing in the stock market is beyond my faith.

  • James

    What about the positive earnings reports for Penske, Gilead Sciences, 3M, Spirit Airlines, Coach, McDonalds, Under Armour, and American Express?

    • Scott Comin

      positive compared to when? 2008?

      • Rorschach

        Don’t bother with James. He’s a paid troll just like Sunny. They can’t even troll properly it’s so hilarious that it shows just how desperate they are trying to portray the economy and everything else in a positive light. Just remember they are the first to head to Camp Fema for their sheeple shearing.

        • df NJ

          Yes, he’s paid only because he has a job.

          • Rorschach

            Trolling isn’t a real job. It’s desperation and mindless drone work.

        • SunnyFlaSnotress

          Nobody pays me to troll. I do it with love 🙂

          • Rorschach

            You troll with love and the lowest pay because you are so hilariously brainwashed.

          • SunnyFlaSnotress

            I’m a volutnteer 😀

          • Rorschach

            “volutnteer”

            What is that?

          • SunnyFlaSnotress

            Merriam Webster:

            noun vol·un·teer ˌvä-lən-ˈtir

            : a person who chooses to join the military
            : a person who does work without getting paid to do it

          • Rorschach

            So you are saying that is a “volutnteer”. Looks like the words are completely different. Nice fail there troll.

          • SunnyFlaSnotress

            what are you talking about?

        • James

          Who is paying you off Goldine?

          • Rorschach

            I should be asking you considering the lack of quality and substance to your posts.

      • James

        Positive when compared to expected or last quarter

    • SunnyFlaSnotress

      Yeah, remember Michael’s gloom-n-doom report on McDonalds? Ridiculous.

    • Rorschach

      Positive earnings reports? Have you seen P/E ratios and what current corporate earnings and revenues are? When was the last-time you saw it that bad. Clearly you are trolling now do everybody a favor and step into the nearest oncoming traffic.

      • SunnyFlaSnotress

        What company are you talking about?
        McD forward p/e is 20.68.. that’s great.

        • Rorschach

          According to whom you?

          • SunnyFlaSnotress

            by common standards

          • Rorschach

            Which you seem to lack.

          • SunnyFlaSnotress

            nope, I’m with the crowd when it comes to p/e

          • Rorschach

            Yea you are with the crowd (crowd of one which is you).

          • SunnyFlaSnotress

            No, with the standard stock community

          • Rorschach

            Define standard stock community? Is it again just you.

          • Mark

            This he/she lacks an education since you are still in high school. Ahhhh for sure Valley firl or should I say beach bum girl.

          • James

            Umm, every financial company and professor

          • Rorschach

            Fibbing too much James? Nice try with the comeback saying every financial company and professor.

          • James

            Just the truth

          • Rorschach

            According to you. Nice trolling.

          • Mark

            You are not looking at the whole picture. Average family income is down $5000 and people are making much less. The middle class is dying while globalization destroys this country. Just because a stock price or P/E ratio looks good for a specific company does not mean the overall economy is doing well or that specific conpany is micro economically well. You mentioned professors. Really….They are the worst since many never worked in the real world. I know since I have 2 degrees/MBA. The good professors I am still friends with such as my old MBA/advisor knew his stuff since he was in upper mgt at GE. Ask him how they are doing??? Well it’s Blaaaaaaa…He thinks the economy is going down the drain tooooo. You can spin and cheer for Obummer all you since I believe we had a very similar argument no to long ado when you were cheering for the loser. Keep the skirt on and cheer because history will show that he was a disaster.

          • James

            globalization destroys this country.

            HAHAHAHAHAHAH. Oh no your serious. HAHAHAHAHAHAHAHAHAHAHAH
            Look at any Fortune 500 companies 10-K, and tell me if international revenues have increased

            Average family income is down $5000. Yet high paying computer science and biotechnology firms need workers and lots of them.
            Here’s an idea, stop getting addicted to heroin, alcohol, don’t get pregnant, and don’t drop out of high school/college.

          • Mark

            Your a typical uneducated moron that has no idea what is going on. You are obviously not intelligent enough to logically figure things out since your the one smoking OBAMA WEED and Jerking off to a Janet Yellen poster you loser. So when your stroking to that Yellen poster remember to HAHAHAHAHAHAHAHA as you enjoying your manipulated ride because it will end bad. Oh and let me tell you that computer science and biotech jobs are shrinking. I know many that have been laid off form computer nd IT jobs and are now driving truck.

          • James

            Uneducated?
            I have a MBA from Kellogg/Northwestern.

            No, I have not tried marijuana nor do I fantasize over Jannet Yellen.
            Your ad hominem attacks are horrible and still have not atttacked my point that globalization is good because international revenues of American comanies have increased because of it.

            Oh and let me tell you that computer science and biotech jobs are shrinking. I know many that have been laid off form computer nd IT jobs and are now driving truck.

            Tell me again, Gilead Sciences, AbbVie, QualComm, Google, Amazon, are all hiring or firing? Hint, it starts with hiri and ends with ng.

            Your friends must suck at IT, and computers since they can’t find a new job. Any BLS report will scream an abundance of CS/IT jobs.
            Perhaps they should get new skillsets, companies always need CCNA networkers, .NET programers, Ruby/Python/Java and other OOP language writers, Oracle/LINUX/UNIX/Windows DBA’s, Oracle databases, etc.
            Better yet, know the ins and outs of some necessary but little known software outside of its field, ex Kronos in payroll, EPIC in hospital records, etc.

          • Mark

            Ya right… Your logic and analysis does sound like you received an MBA from Kellogg/Northwestern… I highly doubt it and you are just another liberal troll using propaganda to spew you liberal nonsense. If tech jobs are so great then why did Intel layoff 12,000 people this past week?????? You forgot to mention that one didn’t you. Ya, I have a degree in business and an MBA too. So what…You spew a couple of companies but you overlook the overall industry and trends. In the past year since 2015 there have been over 60,000 layoff in the tech industry which was 63% higher than the year before. Oh, Caterpillar just announced they are closing 5 plants in the US. his not a tech company but many industries are laying off so where do these people go. Not everyone is an IT or computer professional and there are only so many jobs in those fields which is shrinking. Where is your boy Obama in saving these jobs? Ya, we spent plenty of bail out money on those GM union jobs that Obama had to support due to unions funding his campaigns but nooo.. Not the all the other industries that have been shrinking. Another 20 something liberal that thinks he knows it all.

          • James

            Intel lays off because it can’t expand into mobile. If the BLS is a lie, who do you trust? Also, GM has a unionized workforce but so do telecom firms like sprint that Obama is letting fail.

          • Mark

            That’s irrelevant. As I said you cannot just look at a certain industry or company. You have to look at the Macro economy as a whole. Caterpillar just announced 5 plant closings and another 1000 layoffs. As I said I worked for 3M in marketing/sales and project management. I also have an MBA and had plenty of stats and math during my undergrad and graduate studies. Many of my colleagues that were laid off were engineers. One has s PH.D. In chemical engineering. These were not blue-collar and by the way there is nothing wrong with being a blue-collar employee. My father was one before he went into management.

            As we continue to ship jobs overseas, layoff, and eliminate the traditional good paying jobs we are left with nothing except the part time Walmart career. Those are the jobs that are being created. LBRcis around 96 million while welfare increases from 35 million to 50 million. This will trickle down into the middle class economy which will not end well.

            We will see in about a year or so but I believe this ends bad. There is a debt and currency crisis that only contributes to the globalization problems created by the banksters and government.

            Oh, some advice. My brother works for the Federal government and is very familiar with the BLS. He even says they do not put out honest data. Manipulation is the new strategy.

        • Mark

          McDonald’s attracts welfare recipients and it’s cheaper than going to a decent restaurant. The restaurant index is way down. I have been to local places and reputable places only to see them empty. McDonald’s has never failed because of who they are. However as people continue to lose income or receive more welfare McDonald’s will survive.

      • James

        What the PE ratio for Gilead Sciences is fine

        • Rorschach

          Funny how you mention one example then claim that the author of this website does the same thing.

    • Mark

      All driven by stock buybacks. I used to work for 3M and was one of the 1500 laid off. Their R&D has gone down hill while cost cutting increased everywhere. I was surprised how disorganized they were while also cutting benefits. Now jobs. Rumor is more job cuts this year. Here’s a little fact. In the past decade they went from 125 thousand employees to 87 thousand. That to me is not progress. Stock prices built on buybacks and cost cutting does not indicate a company is doing well.

      • James

        No, revenue and stock buybacks have nothing to do with each other. Notice I mentioned earnings not stock prices.

        Their R&D has gone down hill while cost cutting increased everywhere.
        Says who? Their product pipeline is great, many product releases while doing it on less cost. What exactly is wrong with cost cutting and laying off unnecessary workers again?

        Here’s a little fact. In the past decade they went from 125 thousand employees to 87 thousand. That to me is not progress

        Yes it is, more efficient businesses that spend less on labor and middle class blue collar, anti-intellectual scum like you is great progress. Companies with streamlined workforces and lower labor costs is progress.

        • Mark

          Your a worthless piece of S**t that is nothing more than Ghetto trash that needs your A** kicked around good and your big mouth stapled shut. Guys like you that have an IQ of 2 from the hood are the reason this country is going down. Maybe if we had less of you and the OBAMA wana beees this country may have a chance but I’m afraid after reading your posts people like you will be the ones to ruin it for everyone else. You are scum and the best thing we can do is get rid of scum like you.

          • James

            Umm, I have worked as a consultant doing workforce streamlining for many Fortune 500 companies. Currently living off the stock options/dividends that the companies gave me in lieu of cash I am not useless, nor am I from the Ghetto.

            If I was scum, companies would not be giving me stock options for my services.

          • Mark

            Hmmmm..Wait till the market crashes and all those stock options become a relic…

          • Ginger

            I agree that people like James are a poor example of what we should have making decisions for companies. This is why under Obama we are approaching $20 trillion in national debt with nothing to show for it, and we have a shrinking middle class. For James to insult middle class workers tells me he is not very intelligent. The middle class is the backbone of this nation. Like you said, Mark, people like James are bringing this country down, and it is a disgrace. This is why I’m against any entitled elitist establishment type like James being in political office because these are the kinds of people who are wrecking this country.

          • Mark

            Thank you Ginger. You are a very sweet person. I’m glad there are people out there like you that understand. Yes, I was laid off from 3M along with 1500 others. I was in marketing/sales and project management. Unfortunately many educated people were laid off. Some had PHDs in chemical engineering while I had an MBA. I question James intelligence by assuming everyone that was laid off were blue-collar. On the contrary, everyone was white-collar and educated. However, I also feel sorry for any blue-collar employees that have been laid off such as the folks at Caterpillar.

            Have a great one..

  • Robert

    Good riddance on Apple. Arrogant bunch! They are losing market share to competition. Their products are over priced.

    • K2

      Carriers dumping contracts severely affected apple. Now poeple have realised how expensive apple products are.

    • SunnyFlaSnotress

      Whining about Apple’s decreased revenues is like saying, “oh no, Bill Gate’s lost a million”

      • Richard O. Mann

        Sunny. Love Ya. Mean it. Maybe you will post a picture of your true self some day. Keep the fires burning.

        • SunnyFlaSnotress

          ::smile:: ty

        • Mr. Cipher

          That is her real picture.

      • Mark

        He/she can’t post a picture because they do not allow pictures of horses a$$es on this site.

        • SunnyFlaSnotress

          You’re mad cuz I posted your momma’s pic

          • Mark

            Nope, the horses a$$ pic is definitely U. Unless there is a pic of a fat high school chick then that could be you toooo.

    • Realist

      Apple products are overpriced. I recall buying an Atari 800 home computer in the early 1980’s. A comparable Apple II computer cost roughly 3X as much. Apple cut it’s own throat with their restricted availability attitude. Apple products are nothing special.

      • Rorschach

        Apple also builds in planned obsolescence into their products. It’s actually a big issue and their quality control is severely lacking since they outsource to Foxconn.

        • Jerry C

          Exactly right. I’ve enjoyed being an Apple long-term customer because of the connectivity between products. But I’m pretty much done with Apple’s planned obsolescence (charger for iphone has to be replace after a year or so). I’ll be looking at Samsung or another replacement. Bye-bye Apple.

    • Voldemort

      Me? I choose Android. That’s because I have an IQ above 4. Ask an Apple owner what their IQ is, and they’ll just say “purple.”

      • jaxon64

        I’ve never owned a single Apple product of any type and my calls go through, I have 16 GB 2TB on my custom computer ( which cost me a fraction of apples top model). I don’t have time for childish pursuits like games; not into pop culture enough to twitter and not egocentric enough and in need of validation enough to facebook.
        The reality is, Apple could disappear tomorrow and I’d be non-plussed.

    • Pig Farmer Bill

      They are not going anywhere. Their products are king.

    • DigitalThumb

      Apple products are an example of extremely successful marketing; as a product they are over priced and not particularly cutting edge. I have used Apple at work but I prefer Android for my own use. I would never buy an Apple product. Something must be drastically wrong for the Apple sheeple to stop buying.

  • Steeve Girard

    Everything that consumes a big amount of energy is in big trouble. Information technologies (anything computer related) and Transportation technologies (anything car related) are a amongst the first to suffer in a recession.
    .
    We are having so much problem with energy, that even Hydro-Quebec, one of the most important energy providers in the North-East of North-America, is begging the government there to have the money to replace 300 high voltage PK trip switches.
    .
    And the government is not sure to say yes.

    • Steeve Girard

      Apple is just part of a big cascade event that is building up, which might involve also Microsoft and Intel. And it’s related to energy… as in energy sector.

      • Bill G Wilminton NC

        YUP more BS……..

    • Bill G Wilminton NC

      Just more BS……

      Maybe their wieners will drop off next……

  • Orac4Prez

    We all love American politicians. So Obama saved the US from a Great Depression! Al Gore “invented” the internet. Bush declared from a battleship at the fall of Saddam Houssain “Mission Accomplished” (I’m not sure what everyone is still doing in Iraq!; not sure what happened on 9/11) Reagan took the US back to the 50’s for a while and told Gorbachov to Pull this Wall down…
    …. But everyone remembers Bill Clinton most for his greatest achievement “I did not have sexual relations with that woman!”

    • df NJ

      “Al Gore had seen what happened with the National Interstate and Defense Highways Act of 1956, which his father introduced as a military bill. It was very powerful. Housing went up, suburban boom happened, everybody became mobile. Al was attuned to the power of networking much more than any of his elective colleagues. His initiatives led directly to the commercialization of the Internet. So he really does deserve credit.”

      google “wiki Al_Gore_and_information_technology”

      • Orac4Prez

        Hey, I’m glad you see positive things in some of the politicians. In most cases, they do genuinely try to help, although sometimes their aspirations don’t match their ability. There are always those who simply want to line their pockets. However, I wouldn’t call Al Gore the father of the internet. I think he probably did a lot to enable commerce on the internet in the US. Think of how much worse the economy might be without him (and his fellow congressmen who voted with him)!
        If you look at the graphs of US debt, the time Bill Clinton was in office actually corresponded with a slowdown in the growth of debt. Debt began to blow out after he left office, so he obviously did some things right!

        Keep Positive… The economic collapse will only happen if people give up and refuse to adapt and meet challenges! Obama keeps on saying he is on the “right side of history” Don’t give up if your opinions don’t mesh with his. Its only his opinion.

    • df NJ

      Funny besides signing NAFTA, my biggest memory of Bill Clinton is I was making money hand over fist the end of 90s. Bill Clinton’s 2nd term is the only 4 year period in 70 years where the purchasing power of median worker’s wage increased. At the end of Bill Clinton’s second term a worker’s take home pay after taxes purchased more slices of bread than 4 years earlier. But then, 2008 happened and the Great Recession:

      Average Cost Loaf of Bread Food
      1930 9 cents , 1940 10 cents , 1950 12 cents , 1960 22 cents , 1970 25 cents , 1980 50 cents , 1990 70 cents , 2008 $2.79

      We’ve had a lot of deflation since 2008 but it’s because unemployment was so high and not because worker’s made any gains.

      “But after adjusting for inflation, today’s average hourly wage has just about the same purchasing power as it did in 1979, following a long slide in the 1980s and early 1990s and bumpy, inconsistent growth since then. In fact, in real terms the average wage peaked more than 40 years ago: The $4.03-an-hour rate recorded in January 1973 has the same purchasing power as $22.41 would today.”

      Low wages = no customers

      • Steeve Girard

        My biggest memories of Bill Clinton are saxophone and zipper.

        • Bill G Wilminton NC

          Yes you seem to give special attention to WIENERS….

          • Steeve Girard

            History is very often written by whom used it and where he used it.

          • Bill G Wilminton NC

            And sometimes written by the fool talking about it…….

          • Steeve Girard

            You know I think you deserve a +1 cuz that sentence is not singly applicable to me.
            .
            It’s in fact quite brillant.

          • Bill G Wilminton NC

            and learn how to spell…..

      • Mark

        Clinton has nothing to do with it if you understand real economics. Just remember we had a Republican congress and a tech boom which gave us good jobs. However, Clinton’s foreign policy was quite awful and he also deregulated the GS Act which was partially to blame for the 2008 crash. If you want to give credit give it to the entrepreneurs in the tech industry which by the way crashed later. If there was any President that had more influence it’s the loser Obummer that created more divide, horrible foreign policy and frankly destroyed the foundation of this once great country.

  • XSANDIEGOCA

    Clearly more “stimulus” is called for. A 10% increase in SS benefits should do nicely. Over to you, Hillary and Bernie.

    • df NJ

      Keynesian economics is a no-no. The economy is doing fine. Every year the top 1% accumulate a greater percentage of the World’s wealth. What’s the problem?

  • Illegal

    Apple like other corporations was investing their profits in buying back their stock in order to boost share holders value. The net result is what you are seeing now. When you divert money from r&d you diminish your ability to launch new products. Thus you will see a decline in revenue. Cook has proven he is no Jobs. Apple does have a huge cash reserve, but it is being mismanaged.

  • K

    At one time there might have been a reason to buy Apple products. They tended to last longer, because they were better made. Now the quality has declined. So now it is just a status symbol. Especially with the strides Samsung has made. Apple is no longer the cutting edge. But yes I agree, it has to do with the economy as well. I myself am using an old windows 7 machine, rehabbed by a local computer place. I can no longer justify spending more than a couple hundred, for a computer.

    • alan

      Now you can take that computer and remove the Billy Gates virus 7, install Linux and have a fast computer again almost like new.

  • Stan

    You can say this if after the Apple 7 is launched and sales are down too.

  • Rick

    Hey, what about “too big to fail”? Isn’t the world too big to fail? We can go to congress and instead of asking for a trillion dollar bailout, just ask for a 100 Trillion dollar bailout. Our people have become that much more dumbed down over the years, they won’t know the difference. And besides, it would make Austin Powers proud!

  • Cal

    He who hinders will be removed then God will leave mankind and womankind to their own devices. The biggest joy for me when the greed saturated Federal Reserve will disintegrate before our eyes. Praise the Lord!

    • SunnyFlaSnotress

      there is no god

      • Bill G Wilminton NC

        Life is but a vapor….

      • Steeve Girard

        Well there is no Abrahamic God… but Legendary Gods and G.o.d.d.e.s.s.e.s, that’s another story (From human to Legend, From Legend to Godhood).

        • Bill G Wilminton NC

          Well about 2.5 billion people believe in the God of Abraham Isaac and Jacob…..so you can start your debate with those billions….

          Only on a blog can a fool such as you spout spout spout such BS.

          The God of Abraham Isaac and Jacob always was and always will be….the alpha and the omega.

          • SunnyFlaSnotress

            There’s more Muslims than Christians in the world.

          • Steeve Girard

            I do not care… they are all bowing to “wieners”.

          • Bill G Wilminton NC

            The Muslims are bowing to Allah who is Satan.

            And you are just full of BS…..you have been weighed and judged wanting…very wanting.

            You only have an audience on a blog…anywhere else you would get the hook like in old vaudeville…

          • Bill G Wilminton NC

            Wrong there are over 2 billion Christians and about 1.6 billion Muslims

            You are wrong about many facts….get your fangs tightened.

  • Richard O. Mann

    Throw in all the other news from around the world, and it makes for a really gloomy day. Think I will go fishing. For fish that is. Not trolling web sites. Never thought a day would come when you would have to define that. HA! Great day to all. Try not to let it get you down.

  • J B

    Time to add New Icon or a New Color then.

  • SunnyFlaSnotress

    there is no god

  • SCOTSALLAN

    You can only paint a phone so many colours !

  • Mondobeyondo

    The mighty Apple hath fallen from the Tree of Prosperity!

    • Clyde Dalton

      Yeah. Only $10 billion in profit for the first quarter

  • Kim

    I have an iPhone 6 Plus and I love it. I dont see the need to upgrade; however, I am tired of running out of storage space. It’s mostly videos.

  • Guest

    Still rocking the iPhone 5 and no intentions of changing anytime soon, why would I?? I don’t care about a millisecond faster, a 1mm bigger screen, or mostly the out of pocket cost the carriers want me to pay upfront!

    Sorry Verizon and apple, I’m happy where I’m at no matter the color of the phone of the next text book size(even though rumor says the size shrinks back to…wait for it…my iPhone 5 size again!)

  • HeyAHuman

    I know that dark economic times are ahead, but a decline in Apple’s profits isn’t really an indicator. No company can stay on top forever.

    • ONE WHO KNOWS

      Perhaps Apple’s profits are down because people don’t have the money to splurge on the latest gadgets. The GAME is over. Reality is calling.

  • REALIST

    Who needs a new phone?

  • Steeve Girard

    Wrong answer, it will happens with the energy starvation…. which will occur around 2030.

  • billtheguy

    Facebook beat the wall street expectations and a 50 percent jump in revenue. With no one working they’re all at home on facebook?

    • Ginger

      Facebooks numbers are as fake as Obama’s unemployment figures and wage increases.

  • Mondobeyondo

    Apple’s problems go right to the core.

    (ba-da-boom!)

  • alan

    Here’s how this will go down up until the election. If it looks like Hillary will ascend to power everything will be unicorns and rainbows. Bad news will be banded. If some how Trump looks like he will get into power everything will go down hill as if it was being sabotaged. He will be blamed for the markets diving because the markets don’t like him. Mr. Yellen can create whatever is needed to keep everything floating in the clouds.

  • TheBigM

    A lot of people now buy the Chinese phones like Ulefone, Elefone and Xiaomi. Rather than £500+, sometimes £650!!! these phones cost around £100, are unlocked to any network and work just as well as the expensive brand names like Apple and Samsung. Then you get a SIM only contract which costs £20 a month, rather than the £65 a month contract with a fancy Samsung or iPhone.

  • Rorschach

    Nice try.

    • SunnyFlaSnotress

      I have succeeded.

      • Rorschach

        No actually you didn’t. Now go back to Camp Fema they have a spot reserved for you and the other Sheeple and trolls.

        • SunnyFlaSnotress

          I have pointed out that the stock you listed has a good p/e

          • Rorschach

            What did you point out?

          • SunnyFlaSnotress

            That McD’s pe is good

          • Rorschach

            Where did you point it out?

          • SunnyFlaSnotress

            read above

          • Rorschach

            Where?

          • SunnyFlaSnotress

            9 posts above

          • Rorschach

            Where is that exactly?

  • Ginger

    Donald Trump has been saying that we’re in an economic bubble that is about to burst, and I agree. While the Obama Administration has tried to perpetuate false information about how “great” things are going, and how Obama “saved” the country from economic ruin in 2008. That’s a joke. All Obama and Bush did were bail out the “too big to fail” banks, that they should have let fail, and bail out GM that now rewards the American citizens by shipping jobs to China to build “American made” automobiles for GM. Right. What all of these fools seem not to understand is that when middle class Americans are not doing well, they will not be shopping or spending as much money. So, no surprise that these businesses are losing money. They thought that the American middle class wasn’t important, now that we have a “global market” so screw the American worker, we’re going to the third world countries to produce and sell. Yes, good luck with that. Now you find that you are not as profitable. What a surprise. Not! So goes the American middle class, so goes the world. The American middle class has typically been the best market for most businesses, which is why so many wanted to set up shop in America. However, now many Americans no longer have the disposable income to buy the latest I-phone or whatever. So, oh well, you screwed the American middle class, now you get screwed. This is why we need an anti-establishment candidate like Donald Trump who will face the problem head on and not keep perpetuating the Obama lie that things are “great” like Hillary is trying to do.

  • Vinny Zuzzeu

    One reason because you used to get an 100 dollar upgrade. Att stopped that policy and an older iPhone is now like 600. I will stick with my iPhone 4 with a cracked screen.

  • tacoma

    The mobile phone market is saturated in both developed and developing worlds. Apple still managed to sell 51 million phones per quarter, revenue of $50 billion, net profit of $10 billion.

    Do you now how massive these numbers are? At this rate Apple still project to sell 200 million phones a year, to a saturated market. While many of its competitors have to contend with a few million phones. Only the most greedy call this a collapse.

    The iPhone decline is also due to lack of innovation, over-priced, competing with better phones. The iPhone ‘coolness’ is now worthless; it must compete on performance for the first time since Jobs created his ‘coolness’ as worth something. Without ‘coolness’ Apple is lost.

  • Pig Farmer Bill

    We have a pile of Apple products. Just because Apple has a decline in sales does not mean zip. They have zero debt. Their products last, one does not need a new iPhone every year, they last a long time. No sense in bashing them if you don’t care for them. You get what you pay for.

  • Johnny Rebel

    No Steve Jobs, no Apple. 10 years from now they will be as remembered as Wang Computers

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