As a result, Wall Street analysts are anxious Apple Inc (AAPL.O) is not having a new best-seller product that could substitute iPhone.
Apple iPhone sales rose by just 300,000 units from Q1 2015 to 74.779 million in the quarter, with revenue rising marginally to $51.635 billion (£36.11 billion).
Cook said the revenue earned in the first quarter is on par with the annual revenue of a Fortune 500 company, and went on to say that this quarter saw the largest switch of Android users to iOS.
The company's latest iPhone, the 6s, has been viewed by many analysts as offering too incremental an improvement on earlier models and so the figures in its report may signal that customers are expecting more significant changes before upgrading.
"In Q2 past year, the company recorded $58 billion in revenue - meaning Apple's upcoming quarter could be the first negative growth quarter in recent memory", TechCrunch noted.
Tim Cook, Apple CEO, said the results represented a "huge accomplishment", given "the turbulent world around us", on an earnings call transcribed by Seeking Alpha.
The company yesterday announced financial results for its fiscal 2016 first quarter ended 26 December 2015, posting record quarterly revenue of $75,9-billion and record quarterly net income of $18,4-billion, or $3.28 per diluted share. Sales of iPad tablets dropped to 16.1 million during the holiday quarter, much below the projected sales of 17.3 million. The company enjoyed high double-digit revenue gains due to the impressive sales of the iPhone and its other devices. And the number stands at a whopping 1 billion devices which include iPhone, iPad, Mac, iPod touch, Apple TV, and Apple Watch devices.
The iPhone did at least manage some nominal growth, but other Apple products fared less well.
For its next quarter, Apple is forecasting revenue of between $50 billion and $53 billion, with gross margin between 39 per cent and 39.5 per cent.
Apple pointed to flailing in the Chinese consumer market, now a crucial region for iPhone sales, as a culprit behind the sluggish growth.
Obama Visits Mosque and Denounces Anti-Muslim SentimentsKhan, who was arrested in Pakistan in 2003, now is held at the military prison at Guantanamo Bay, a site Obama has vowed to close. His goal then was to rally Islamic allies to help stabilize the Middle East and fight terrorism.
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