Apple had their first fiscal quarter sales call yesterday and while the company reported record profits of $18.4 billion on revenues of $75.9 billion, iPhone sales were only up about 1 percent which is the slowest year over year growth for the iPhone since its release in 2007. In addition the company forecast its first revenue decline in more than a decade with CEO Tim Cook saying "We’re seeing extreme conditions, unlike anything we’ve experienced before, just about everywhere we look,” and saying the environment was 'challenging'. There has been a lot of speculation as to whether Apple could keep up the record breaking growth it has sustained for over a decade ever since the passing of Steve Jobs several years ago. On a brighter note, the company announced that for the first time there were over 1 billion Apple devices in use. That's an impressive number and about 1/7 of the world's population.
Many analysts believe the company is entering a new slower growth phase that a mature company like Apple should be expected to enter considering its size. But it also raises questions about whether the company is able to create new segment defining innovative products that were the hallmark of Steve Jobs years at the helm of the company. With over $200 billion in cash reserves nobody is feeling bad for the company, but it'll be interesting to see if Mr. Cook can jump start the company with such rumored new products as an Apple Car...or if we're in a new age with Apple introducing incremental improvements to the iPhone and iPad for years to come. Let us know your thoughts in the comments below and if you have a great new product line idea for Apple...let us hear about it!NYTimes