Apple saw a significant drop in revenues in the fourth quarter of fiscal year 2016 compared to the same period a year ago, the company said Tuesday.
The device maker earned a net income of $9 billion from revenues of $46.9 billion from July to September. Investors earned $1.67 per share, about one cent above most analysts’ expectations. During the same period in 2015, Apple had a net income of $11.1 billion off $51.5 billion in revenues, and investors earned $1.96 per share.
“Our strong September quarter results cap a very successful fiscal 2016 for Apple,” chief executive Tim Cook said in a statement. “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 said it sold 45.5 million iPhones across the globe during the quarter, with sales down about 5 percent from the 48 million units during the same period in 2015.