Apple's Annual Revenue Sees a Dip for First Time in 15 Years
They're not looking to close the doors on the place just yet, though.
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.