Apple had a record first quarter, but iPhone sales fell flat

Apple killed it — again — but there’s one troubling takeaway from it’s Q1 2016 earnings: iPhone sales are flat.

The company sold 74.8 million iPhones, which is down from the 75.5 million that was expected. It’s only a 0.4 percent uptick versus Q1 2015 — the slowest since the iPhone was introduced in 2007.

That’s despite Apple bringing new features to its mobile hardware in an attempt to ship more units. The iPhone 6s and 6s Plus both have the impressive 3D Touch, but it may not be enough.

Apple still turned a record profit for Q1 2016, though, so its fortunes don’t hinge on the iPhone; it’s just the cash cow, which some alarmists may scream is now running dry. The company brought in $18 billion in profit.

Apple is projecting its Q2 revenue to be somewhere between $50-53 billion, lower than Wall Street’s $55 billion estimate, and less than Apple’s $58 billion from Q2 2015.

➤ Apple