Apple's Annual Revenue Declines for First Time in 15 Years
Apple still made heaps of money, but not as much as last year.
Technology giant Apple reported earnings this week for its fiscal fourth quarter and full year ended September 24. The iPhone maker's revenue and profit were down.
For the quarter, Apple posted revenue of $46.9 billion, compared to $51.5 billion during the same period last year. Profit was $9 billion, a drop from $11.1 billion last year. Looking at the whole fiscal year, Apple pulled in $215.6 billion, compared to $233.7 billion during the same quarter last year. Profit also dropped, falling from $53.4 billion last year to $45.7 billion this year.
According to The Wall Street Journal, this is the first time in 15 years that Apple's annual revenue has declined.
One of the reasons for the downturn could be decreased sales of iPhones and other devices. Apple sold 45.5 million iPhones during the three-month quarter ended September 24, compared to 48 million during the same period last year. iPad sales also dropped, falling from 9.88 million last year to 9.27 million this year. Additionally, Mac sales declined, coming in at 4.89 million units, compared to 5.7 million during the same period last year.
Despite the downturn, Apple CEO Tim Cook said in a statement, "Our strong September quarter results cap a very successful fiscal 2016 for Apple. We're thrilled with the customer response to iPhone 7, iPhone 7 Plus, and Apple Watch Series 2, as well as the incredible momentum of our Services business, where revenue grew 24 percent to set another all-time record."
The new iPhone 7 went on sale on September 16 in the US and other major markets. During the same event where the iPhone 7 was announced, Nintendo also revealed that Mario was finally coming to the iPhone in the form of Super Mario Run. The game is due out in December.
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