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 that 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.