iPhone Sales Slow Down After Record Holiday Quarter

Following a record-breaking holiday quarter, iPhone sales experienced their usual drop in the first quarter of the new year. At 50.76 million units, iPhone sales were down 1 percent compared to the previous year's March quarter, a slowdown that Apple blames partly on the early onslaught of iPhone 8 rumors this year.

"We're seeing what we believe to be a pause in purchases of iPhone, which we believe is due to the earlier and much more frequent reports about future iPhones," Cook said during Tuesday's earnings conference call. This year's new iPhone model, presumably the iPhone 8, is rumored to be a significant redesign to commemorate the iPhone's 10th anniversary.