Apple’s Revenue Keeps Dipping: Yet Retains Global Dominance as The World’s Top Company

As we wind up the tech earnings report for the day, Apple certainly stands out. While the tech giant’s fortunes appear to be on a downward spiral, the company reassuringly retains the top spot as the world’s most accomplished company. Despite a 15 percent year-on-year drop in revenue in fiscal Q3, it still boasted a significant $42.4 billion revenue.

Reports have indicated that Samsung continues to broaden its lead over Apple in the smartphone sales sphere for the second consecutive time. This manifests itself in the 343.3 million smartphones globally shipped in Q2 2016. A deeper dive into this data reveals that out of this total, Apple’s share represented 40.4 million iPhones, a notable 15 percent year-on-year decline from the 47.5 million units shipped the preceding year. In the same period, Samsung, Apple’s fiercest rival, shipped a whopping 77 million phones.

However, it hasn’t been all doom and gloom for Apple. In a silver lining for the tech behemoth, Apple announced earlier this week that sales of iPhones have now exceeded a billion units. This is a monumental achievement quite telling of the brand’s popularity and staying power.

According to Apple’s financials, the company’s smartphone revenue dropped by 23 percent year over year to $24 billion. Despite this, Apple recorded an impressive $7.8 billion in net income on its $42.4 billion total revenue. This proves that, even in the face of adversity, Apple remains a force to be reckoned with on the global corporate stage.

It’s abundantly clear that although Apple seems to be going through a challenging phase, the company’s resilience and ability to innovate will undoubtedly help steady the ship. The tech world waits with bated breath to see how Apple overcomes these hiccups and continues to lead in the sphere of cutting-edge technology.