Apple's Annual Revenue Sees a Dip for First Time in 15 Years
Apple, the company that made the smartphone both boutique and ubiquitous to the cellular world, reported that they saw a dip in revenue and profit when they calculated their earnings this week for their annual sales period which ended September 24. For their fourth fiscal quarter, Apple claimed revenue of $46.9 billion, down from $51.5 billion during the same period last year.
Total profit was also down, with $9 billion as opposed to $11.1 billion last year. For the total fiscal year, Apple had a revenue of $215.6 billion, compared to $233.7 last fiscal year. Profits also dropped for the fiscal year, falling from $53.4 billion last fiscal year to $45.7 billion this one.
Reasons for the profit loss might be market saturation and the fact that many consumers didn't feel the iPhone 7 series was different enough from the 6S series to warrant an upgrade. In any case, Apple certainly isn't hurting for money, but lower profits may lead to the company taking a look at its business model to see where it can make up for the lost cash.