14 DAY TRIAL // Just a few moments ago, Apple announced the financial results for the fourth quarter (Q4) of its fiscal 2016 year, which ended on the 24th of September, showing a revenue growth of 24 percent for its services.
According to a press announcement published this morning, the company made a quarterly net income of $9 billion and quarterly revenue of $46.9 billion, or $1.67 per diluted share, which shows a decline from last year's Q4 of $51.5 billion quarterly revenue and $11.1 billion quarterly net income, or $1.96 per diluted share.
It appears that the gross margin was 38%, which is also in decline compared to Q4 2015's 39.9%. However, all sales are down lately according to the new records, and the Cupertino company sold 5% fewer iPhone devices, while iPad and Mac sales decreased as well for Q4, by 5% and 14%, respectively. Approximately 62% of sales came from international sales.
"Our strong September quarter results cap a very successful fiscal 2016 for Apple," said Tim Cook, Apple’s CEO. "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."
Apple experienced its first annual sales decline since 2001
Unfortunately, Apple's sales weren't so good for the entire 2016 fiscal year, and the company saw its first annual sales decline since 2001. However, Apple has faith that its revenue will see a significant growth in the fiscal 2017 first quarter (Q1), with revenue between $76 billion and $78 billion and a gross margin of 38% or 38.5%.
Moreover, Apple forecasts operating expenses of between $6.9 billion and $7 billion, other income or expense of $400 million, and a tax rate of 26 percent. The company is holding its Q4 2016 financial results conference call right now, which started at 2:00 p.m. PDT on October 25, 2016.