The world's most popular stock (AAPL) has been stuck in bearish rut for essentially the past year after topping out at 132.54 on May 22, 2015. This sentiment was compounded by the release of the company's 2016 Q2 earnings, which somewhat expectedly saw a slump in its iPhone sales. After Apple's revenues hit $233.7 billion in the fiscal year ending September 30, 2015, its revenues project to come in around $167 billion for the current fiscal year, a decrease of 28%-29%, bringing the company back to 2013 levels. Expectations for Q3 Management guidance for 2016 Q3 has revenues between $41 billion and $43 billion (Y/Y decrease of 15.4%), gross margin between 37.5%-38%, operating expenses between $6 billion and $6.1 billion, "other expense" at $300 million, and an effective tax rate of 25.5%. This would leave the company's EBITDA margin at around 33%. Despite the slowdown and top-line impact, this will unlikely have any substantive impact on the company's margins due to the company's operating leverage, where sales tend to inherently run directly in proportion to operating expenses. The 33% figure is in line with the company's historical numbers over the past five fiscal years (2015: 35.3%, 2014: 33.0%; 2013: 32.6%, 2012: 37.4%, 2011: 32.9%). This guidance is notably weak, as iPhone SE sales likely will not meet the company's pre-launch expectations. The iPhone 6s cycle has been notably frail in helping keep revenues afloat and is badly in need of the rejuvenation the iPhone 7 will provide. One possible cause of this observation stems from the lower turnover rate as mobile phone technology advances. Consequently, fewer individuals are as quick to purchase a new phone as they did previously, largely due to a lack of necessity. Upgrade allowances built into cellular contracts also work into the picture of turnover, as do planned obsolescence initiatives on the part of Apple (i.e., operating system compatibility rather than technological malfunction, desire for the latest technology, etc.). The company's earnings will likely stagnate until the launch of the iPhone 7, which is projected to hit the market in September 2016 just before the close of the fiscal year. In more encouraging news, Apple released the news that its production orders for the iPhone 7 come in at 72-78 million, which beat analysts estimates by a median average of 15%. If I had to guess, Apple's share price will likely remain in a consolidation pattern for the remainder of Apple's fiscal year ending in September and begin an upswing in October.