Apple Inc.’s smartphone woes are deepening.
The company posted its first quarterly revenue drop in more than a decade and forecast another decline in the current period, dragged down by waning demand for the iPhone as fewer users race to snap up the latest version of the device. Shares fell as much as 8.3 percent in extended trading.
Chief Financial Officer Luca Maestri said demand has fallen off since the debut of the larger-screen iPhone 6 and 6 Plus, which led customers to upgrade more quickly. “Last year we had a very strong iPhone upgrade cycle.”