Apple revenues of $47B in line but down, iPhone sales down year over year
The company promised a return to revenue growth next quarter.
Apple’s fiscal fourth quarter earnings are out. Revenues of $46.9 billion were in line with analysts’ modest expectations; earnings per share of $1.67 beat expectations. However, the company reported its first year-over-year revenue decline since the introduction of the iPhone.
Revenues were off nearly $9 billion vs. last year. The stock is down in after-hours trading.
The Americas, Europe and Greater China were the company’s top markets, in that order. All of Apple’s hardware sales were down year over year. Here are the product sales figures:
- iPhones: 45.5 million units, $28.1 billion in revenue (off versus expectations)
- iPad: 9.3 million units, $4.2 billion in revenue (off versus expectations)
- Macs: 4.8 million units, $5.7 billion in revenue (off versus expectations)
- Services (including Apple Pay, Apple Care): $6.3 billion in revenue
- Other (including Apple TV, Apple Watch, Beats products): $2.4 billion in revenue
Apple CEO Tim Cook indicated that iPhone 7 demand was very strong and that it was outstripping supply. He promised that the company would return to revenue growth in fiscal Q1. Accordingly, the company provided guidance of between $76 billion and $78 billion for its fiscal 2017 first quarter.