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Apple reports a $217 billion revenue for the 2016 fiscal year, first decline since 2001

Apple’s revenue dropped from $233.7 to $217 billion.

Apple has just published its fiscal report for the 2016 fiscal year. The company is facing its first annual decline in revenue since 2001 – something that once again shows the heavy dependence on the iPhone sales which have declined on a year-over-year basis by 13% to 45.5 million units for the fiscal fourth quarter ending September.

Apple reported a total revenue of $233.7 billion for the 2016 fiscal year, down 9% compared with 2015. Digging into the numbers, we can see that the iPhone’s revenues have declined 5% for a year. The other hardware is also performing relatively poorly in 2016. iPad sales are down 6% year-over-year, while Mac loses 14%.

However, Apple is expected to have a very strong last quarter in 2016 after the announcements of the iPhone 7 / 7 Plus and the hardware refresh of the Mac line. These new products will impact the fiscal year 2017.

Despite the declining sales of iPhones, iPads and Macs in 2016, Apple’s services grew with the massive 24 percent compared with 2015, boosted by strong performance of Apple Music, Cloud and iTunes.

Apple is reportedly preparing some serious improvements for the 2017 products, including for the 10th Anniversary iPhone. Therefore, it’s logical to conclude that many Apple fans are waiting for the 2017 to upgrade their old devices.

Source: Apple