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Apple profits fall for the first time in 15 years

Apple profits fall for the first time in 15 years

USA

Apple’s annual earnings have dropped for the first time in 15-years. The tech giant has posted its third successive quarter of declining iPhone sales set at 45.million, down 5% from last year.

The silicon valley company still sold $215.6 bn worth of iPhones, watches, Mac computers and other products in the year to September 24.

Apple’s Chief Executive Tim Cook managed to paint a rosy picture saying he was thrilled with the response of customers to the iPhone 7 – especially in China.

But the fact is overall sales were down on last year – admittedly a record one – by 8% .The decline in sales hit the company’s profits, which fell 14% to $45.7bn.

It has to be said the technology crowd is still waiting for some radical new innovation, to prove the company founded by Steve Jobs hasn’t lost its creative spark.

Tim Cook wouldn’t be drawn when quizzed about moves into TV or building a car or a connected speaker like the Amazon Echo. He did say “we have the strongest product pipeline we’ve ever had”. But that is a line analysts have been hearing for some time.

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