Fortune: Apple may see first quarter of negative income growth since 2003

Apple investors may want to brace themselves for an onslaught of negative headlines when Apple reports its Q2 2013 earnings in the coming month. According to Philip Elmer-DeWitt of Fortune's Apple 2.0 blog, Apple is expected to report its first year-over-year decline in income in 10 years.

Much of this decline can attributed to lowered gross margins on products. As noted by DeWitt, Apple's gross margin in Q2 2012 sat at an impressive 47.37 percent, while analyst estimates for the 2013 quarter suggest it could fall to as low as 37.5 percent. Though Apple is projected to deliver another quarter of record revenue, this drop in profit margin threatens to drag down Apple's quarterly income.

You can read a brief analysis on Fortune's Apple 2.0 blog and then hop over to Posts At Eventide for a detailed analysis of Apple's current quarter from Robert Paul Leitao.