Apple profits fall for the first time in 15 years

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 Profit & Revenue Slide on Slower iPhone Saleshttps://t.co/T4K5Y7OCLh$AAPL $DIA $QQQ $XLK pic.twitter.com/43sYxOC2M3

— Apple Reporter ● (@AppleReporter) October 26, 2016

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.

Apple's annual revenue fell for the first time since 2001. ReutersGraphics looks at recent iPhone sales: https://t.co/DKUZKykIS2 pic.twitter.com/eJBBGPq9K3

— Reuters Top News (Reuters) October 25, 2016

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.