Tuesday
Oct252016
Apple posts third consecutive quarterly decline, first annual revenue drop since 2001
Tuesday, October 25, 2016 at 5:24PM 
By Gadjo Cardenas Sevilla
Apple just posted it's third quarterly decline in revenues as well as the first annual revenue drop since 2001, which was right before the launch of the iPod. Driven by the decline in iPhone sales, which is 64 per cent of Apple's business, the company's revenue shrunk 9.8 per cent from the year ago quarter.
Apple posted quarterly revenue of $46.9 billion and quarterly net income of $9 billion, or $1.67 per diluted share. These results compare to revenue of $51.5 billion and net income of $11.1 billion, or $1.96 per diluted share, in the year-ago quarter.