Apple Reports First Profit Decline in 15 Years
For the first time since 2001, Apple's annual profits declined. On Tuesday, the company reported annual revenue of $215.6 billion, 8 percent less than the previous year. Profits were $45.7 billion, a 14 percent decrease year-over-year.
The bad news for the mobile development industry is that much of the decline was due to lower sales of the iPhone. For the quarter, the company shipped 45.5 million iPhones, 5 percent less than last year. However, analysts say that Samsung's recall of the Galaxy Note 7 could result in sales increases for Apple during the next quarter.