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Apple profit falls 19% as iPhone sales drop

26-Oct-2016 :

San Francisco: Apple said Tuesday its profit over the past quarter fell 19 per cent to $9 billion, pulled down by a widely expected drop in iPhone sales.

The world’s biggest company by market value said revenue in its fiscal fourth quarter fell to $46.9 billion from $51.5 billion a year earlier.

The results were largely in line with market forecasts and showed sales of the iPhone — Apple’s biggest revenue and profit driver — down five per cent from a year ago to 45.5 million units.

The quarterly update only provides limited information on the reception of the newest iPhone models, the iPhone 7 and 7 Plus, which were released in early September.

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