Company is optimistic of generating more revenue next fiscal.
For the first time since 2001, Apple has recorded a decline in the company’s sale, revenue, and profit in the financial year that ended in September 2016.
Apple was saved from near bankruptcy in 1997 and had bounced back strongly with its visionary founder Steve Jobs coming with a range of new products that boosted the revenue of the Silicon Valley company, which is currently the world’s most valuable technology firm.
Apple has been previously recording an increase in its sales, revenue, and profit. As per the financial report of 2016, Apple has incurred a loss in the sales, revenue and profit, causing panic among shareholders.
On the flipside, the good news for apple comes from India as it registered an increase in the sales of iPhone by 50%, making India one of the priority countries for Apple in the future.
Apple’s fiscal year comes to a close in September every year and as per the data released by Apple for the year 2016, the company sold iPhones, Mac and other products worth $215.6 billion as against $233.7 billion in 2015, registering a decrease of 8%.
The decrease in the sales has resulted in the profit of Apple falling 14% to $45.7 billion; the worst performance by Apple in 15 years.
Earlier, the overall sales of Apple had decreased 9% hitting $4.85 billion in the last quarter ending on September 24th. This was the third continuous dip in the quarterly sales of Apple. This had also taken a toll on the company’s profit as it decreased precariously to $9 billion, a loss of 19% compared to that of the same period last year.
The report says iPhone which is Apple’s flagship product felt the burn as its sales declined 5% in the last quarter. The report says that only 45.5 million units of iPhones were sold in the last quarter.
Despite the depressing figures that turned up in the financial report of 2016, Apple has put up a strong face and has forecasted a comeback in the next quarter as it has predicted product sales worth $76-78 billion. With holidays around the corner the numbers seem to be achievable and if it does, this will boost the sales and revenue of Apple by 1% compared to 2015.