That’s executive speak for ‘it was a lousy quarter’ but it could have been worse. Not much. David Goldman:
The last time Apple’s sales fell year over year was the first quarter of 2003. At that time, the PowerMac was still the company’s bestseller. Apple had sold a grand total of 611,000 iPods. And Apple hadn’t yet launched the iTunes Music Store.
Now, more than two-thirds of Apple’s revenue is made up of iPhone sales. So where the iPhone goes, so goes Apple — and last quarter was a miserable one for Apple’s signature gadget. IPhone sales fell for the first time in history.