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."