CUPERTINO, Calif., Oct. 26 (UPI) — For the first time in 15 years, sales and profits at Apple Inc. were lower in 2016 than they were the previous year — although quarterly results still beat analysts’ expectations.
Apple released its earnings report for the fourth quarter on Tuesday, which completes the company’s performance for fiscal 2016.
For the fourth quarter, which ended Sept. 24, Apple earned $9 billion — or $1.67 per share — which is $2 billion less than its income from the same quarter in 2015.
For the entire fiscal year, Apple reported a net income of $45.6 billion — down from the $53.4 billion reported for 2015.
It’s the first time Apple has seen yearly declines in earnings and revenue since 2001.
The end of the fourth quarter came just a week after the company released its new iPhone 7, which have experienced a lag in total sales.
Still, company officials said the figures are positive and represent key growth in some areas.
The dip in earnings and sales is Apple’s third consecutive quarterly decline.