Apple shares fall 3% after another dip in quarterly sales

SAN FRANCISCO — Apple reported its first annual dip in sales in more than a decade Tuesday, underscoring softening iPhone sales.

The Silicon Valley company’s fiscal year 2016 revenue of $215.6 billion declined 8% from the $233.7 billion it rang up the previous fiscal year. It’s the first drop for Apple since 2001, shortly before the release of the iPod and the company’s comeback under then-CEO Steve Jobs.

The fourth-quarter results, announced after the close of markets, marked Apple’s third consecutive quarter of declining revenue and iPhone shipments.

Apple reported earnings of $1.67 per share on revenue of $46.9 billion, compared with $1.96 and revenue of $51.5 billion in the same quarter a year ago. The performance was roughly in line with analysts’ forecasts of earnings of $1.63 per share on revenue of $46.9 billion. Apple had provided guidance of $45.5 billion to $47.5 billion.

Shipments of iPhones, meanwhile, were 45.5 million, down 5% from 48 million in the year-ago quarter. Analysts had expected 44.8 million, perhaps an indication that Apple has benefited, in part, from Samsung’s problems with its now-defunct Note 7 phablet and an extra week in September… see more

source: usatoday

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