Apple predicts growth in near term despite down year
Apple this week reported a decline in both annual sales and profit for the first time in 15 years. The company banked $45.7 billion in profit on revenues of $215.6 billion during the last year, an annual profit decline of nearly 15 percent and an 8 percent drop in revenue compared to the company’s fiscal year 2015 results.
Apple saw its first year-over-year decline in revenue last April, and that downward trend continued despite new product releases and steady growth in its services business. With the important holiday quarter now underway, Apple faces heightened scrutiny as it projects record high revenues of between $76 and $78 billion, a number that would reverse its last six months of declines.
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