Apple has reported a fall in revenues for the first time since 2001 after iPhone sales faltered in the final quarter of its financial year.
For the first time 15 years, Apple's annual revenue has declined year over year, falling from $233.7bn in 2015 to $217bn in fiscal 2016. Apple also reported profits of $45.6bn for 2016, down nine per cent from the $53.4bn reported for 2015.
This year-on-year slump is likely due to a continued slump in iPhone sales. For the fourth quarter, Apple sold Apple sold 45.5 million iPhones, which while better than expected, compares to 48 million sold this time last year.
It's worth noting, though, that Apple's latest numbers only include a few weeks of iPhone 7 and 7 Plus sales, which analysts expect to have received a boost from Samsung's Galaxy Note 7 fiasco.
iPad sales were also down in Q4 at 9.27 million compared to 9.88 million, and Mac sales saw a massive 14 per cent tumble from 5.71 million in 2015 to 4.89 million.
This drop in Mac sales isn't surprising given how stale Apple's laptop lineup is, but this will all change on Thursday, with Apple set to announce upgrades to its MacBook Pro and MacBook Air ranges.
Apple's 'other products', a category that includes the Apple Watch, Apple TV and Beats headphones, also suffered during the three months ending September, with revenue falling 22 percent from $3.05bn to $2.37bn.
It's not all bad news, though, as Apple noted that its services division, which includes iCloud, iTunes, and Apple Music, grew 24 percent year over year.
Overall for the fourth quarter, Apple posted $9bn in profit and $46.9bn in revenue, compared to $11.1bn in profit and $51.5bn in revenue in Q4 of 2015
Still, somehow, Apple CEO Tim Cook remains upbeat and hinted that sales of the new iPhones and its Apple Watch upgrade have perhaps been better than its Q4 earnings suggest.
"Our strong September quarter results cap a very successful fiscal 2016 for Apple," he said.
"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."
For the next quarter, which is typically Apple's biggest, the firm is projecting that it will post sales of $76bn to $78bn, up from $74.8 billion a year earlier. µ
Mark Vartanyan was working for Norwegian e-healthcare firm Dignio when he was arrested
Samsung can't see a way to profitably compete against Amazon and Google
Fix being rushed out - but not quite as quickly as an ambulance to an emergency
Massive miner Rio Tinto claims 20 per cent of pit-to-port train kilometres in Australia are now driverless
Rio Tinto today, TfL tomorrow?