Apple posts first earnings decline in 11 years

For the first time in 11 years Apple has posted an annual decline in earnings.

Profits for its most recent financial year came in at $37bn, down from $42bn the year before. Revenue for the year hit $171bn, up from last year’s $157bn.

Despite this, fourth quarter profit was ahead of analyst expectations at $7.5bn with iPhone unit sales climbing 26 per cent to 33.8m. Revenue for the quarter climbed year-on-year from $36bn to $38bn.

We’re pleased to report a strong finish to an amazing year with record fourth quarter revenue, including sales of almost 34m iPhones,” CEO Tim Cook stated.

"We’re excited to go into the holidays with our new iPhone 5c and iPhone 5s, iOS 7, the new iPad mini with Retina Display and the incredibly thin and light iPad Air, new MacBook Pros, the radical new Mac Pro, OS X Mavericks and the next generation iWork and iLife apps for OS X and iOS.”

Apple’s share value has decline 13 per cent overall this year.