Apple's revenues have declined for the first time in 15 years

"For the first time in 15 years Apple's revenues have declined, the latest earnings figures from the Silicon Valley giant show.
Financial details from Tim Cook's company show at the end of the 2016 fiscal year it earned $217 billion (£178bn).
While the year on year $217bn figure is more than most companies would dream of, it represented a nine percent drop from $233.7bn (£191bn) at the end of 2015.
The cause of the $16bn decline? A continued drop in iPhone sales. During the previous three months Apple sold 45.5 million iPhones, which was a decrease of 5 percent on the 48m handsets it sold during the same period last year.
Its overall revenue for the fourth quarter was $46.9bn (£38bn) and Apple also posted a quarterly net income of $9bn (£7.3bn).
Despite the slightly gloomy figures Apple has little to worry about going forward. The most recent quarter doesn't take into account most of the iPhone 7 and 7 Plus reviews, which were released towards the end of the period. "“We’re thrilled with the customer response to iPhone 7, iPhone 7 Plus and Apple Watch Series 2, as well as the incredible momentum of our Services business, where revenue grew 24 percent to set another all-time record,” Tim Cook said in a statement."

Source:  Wired, 26th October 2016