Apple profits fall for the first time in 15 years

Apple has announced that its annual sales and profits have fallen for the first time in the last 15 years.

Apple’s financial report stated that sales of its devices totaled $215.6bn, which is a drop of around 8% when compared to last year’s $233.7bn of sales. Unsurprisingly this drop in sales also had a negative impact on the company’s profits, which also saw a significant drop of 14% to $45.7bn.

Reduced iPhone sales seem to be one of the main causes for the loss. Sales of Apple’s flagship device dropped 5% when compared to last year.

While the numbers aren’t exactly dire for the company that has more money than anyone could ever need, it is interesting that they saw a fall in profits for the first time in 15 years. According to The Guardian some analysts are saying the world has reached peak Apple”, meaning that almost everyone who wants and can afford an Apple device already has one, so doesn’t need to buy a new one.

Our strong September quarter results cap a very successful fiscal 2016 for Apple,” said Apple CEO Tim Cook. We’re thrilled with the customer response to iPhone 7, iPhone 7 Plus and Apple Watch Series 2.”