Apple posts first annual revenue loss in 15 years as sales fall by $18.1 billion

Sales down across the board except in Services

Apple posts first annual revenue loss in 15 years as sales fall by $18.1 billion

Apple (NASDAQ:AAPL) has posted its first annual revenue decline in 15 years as part of its Q4 FY16 financials for the three months ending September 24th 2016.

It posted net sales of $215.6 billion for the last 12 months, down $18.1 billion from $233.7 billion in FY15. Sales for the quarter were $46.8 billion, down $4.7 billion year-on-year.

Breaking it down to actual units, Apple showed that it had sold 45.5 million iPhones in the quarter, down 5% year-on-year, but up 13% from Q3.

iPad sales also dropped by 6% to 9.3 million units. Its "other products", which bundles Apple TV and Apple Watch with other accessories, generated $2.3 billion in revenue, down 9% year-on-year.

Services pick up the slack

Apple's Services, which includes Apple Pay and its Internet Services, was the only area to see growth. It generated $6.3 billion in revenue, up 24% year-on-year.

"Our strong September quarter results cap a very successful fiscal 2016 for Apple," said Apple CEO Tim Cook.

"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."

Looking ahead, Apple is predicting revenues between $76-78 billion in its FY17 Q1, as the new line of iPhone 7s become more widely available.


Ric is the Editor of, having started out as a Staff Writer on the site back in 2015. He received an honourable mention in both the MCV and Develop 30 Under 30 lists in 2016 and refuses to let anyone forget about it.