Apple sets record for quarterly profit but expects sales decline

Apple sets record for quarterly profit but expects sales decline

The Other category which also features the new Apple TV, Beats headphones and iPods (yes they're still on sale) brought in revenue of $4.3 billion.

Apple is bracing for its first sales decline in 13 years, despite selling a record 74.8 million iPhones in the final three months of 2015, in what may prove to be a turning point for the world's most valuable company.

The tech giant on Tuesday reported that fiscal first quarter sales of the iPhone grew by less than one percent, the lowest growth rate for the device since it was first introduced in 2007.

It sold 74.8 million iPhones in the quarter - a record, but only slightly higher than the 74.5 million sold the same time the previous year.

Technology giant Apple announced Tuesday that its first quarter revenue increased to record levels, despite slowing sales of its flagship iPhone devices.

But what's more important is that Apple itself predicts a decline too, with company CEO Tim Cook revealing in a conference call with analysts that they indeed expect a drop in sales in the next quarter, most likely when iPhone 6s sales will be responsible for a bigger part of revenues.

Revenue rose 1.7 percent to $75.87 billion. Revenue from the region had almost doubled in the fourth quarter. Analysts expected Apple to sell more - between 75.4 million and report/">77 million iPhones, depending on who you asked.

Keep in mind Apple released the iPad Pro and began selling the iPhone 6S and iPhone 6S Plus in China during the period, all of which could have been the main reasons of growth.

Analysts had been modeling $76.6 billion in revenue and $3.23 per share. In a report this week, analyst Colin Gillis of BGC Financial warned that "the big issue for Apple" is whether the company can garner significant amounts of revenue from those new products. The company's net profit rose to USD 18.4 billion or USD 3.28 per share, from USD 18.0 billion or USD 3.06 per share a year earlier, and Apple maintained its quarterly dividend at 52 cents a share.

Revenue in "Greater China" was up 14 per cent for Apple but weaker in the USA and Japan. This would represent a decline from the $58 billion in sales that Apple posted in the second quarter of fiscal 2015, the first forecasted year-over-year decline in sales for the company since the second quarter of fiscal 2003.

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