Apple Sees 1st Quarterly Revenue Drop in More Than Decade

The transcript discusses Apple's financial performance, focusing on the second quarter EPS, iPhone sales, and third quarter revenue outlook. Despite higher iPhone sales, Apple's revenue guidance falls short of analyst expectations. The company faces challenges with declining gross margins, possibly due to new product introductions. Other product segments, including iTunes and Apple Watch, show reduced revenue. The market reacts with a stock drop, aligning with options market predictions.

What were the expected gross margins for the third quarter?

What was the revenue from Apple's other product segments for the quarter?