Apple’s iPad and iPhone sales declined by 16 percent and 19 percent, respectively, as the technology giant’s revenue and profits fell short of Wall Street expectations in results posted this afternoon for the March quarter.

The company posted revenue of $ 50.6 billion, a decline of more than 12 percent from the same quarter a year ago, and profits of $ 10 billion, down more than 22 percent from the same period a year ago. Earnings of $ 1.90 per share were well short of analyst expectations of $ 2.00 a share, as surveyed by Thomson Reuters in advance of the release.

“Our team executed extremely well in the face of strong macroeconomic headwinds,” said Tim Cook, Apple’s CEO, in the company’s earnings release. “We are very happy with the continued strong growth in revenue from Services, thanks to the incredible strength of the Apple ecosystem and our growing base of over one billion active devices.”

The results represent the company’s first year-over-year drop in quarterly revenue since 2003. Apple’s shares are down more than 6 percent in after-hours trading, reflecting the fact that the results are worse than investors were expecting.

Mac sales fell 12 percent to 4 million units.

It’s an unusual result for the tech giant, as illustrated by this list of its earnings release headlines.

Developing story, more to come.

GeekWire

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