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Apple just had its first annual revenue decline since 2001
For the first time since 2001, Apple's annual revenue has declined year over year, falling from $233.7 billion in 2015 to $217 billion in the 2016 fiscal year. That 9 percent decline marks the first annual revenue drop since 2001, largely due to the continued decline in iPhone sales, down 5 percent year over year.It's clear Apple has its work cut out for it to right the fiscal ship — and it's likely that it will happen given the expectations for next year's iPhone — but right now it's unclear how long that will take. The bulk of iPhone 7 sales will hit in the next quarter, and while another monster first quarter is expected from Apple, it's unclear if this phone will be able to maintain sales like previous iPhones have. The combination of a familiar design in its third year plus the expectations of a radical rethinking of the world's most popular smartphone could have a negative effect on fiscal year 2017 as consumers wait until next fall when Apple's 10th anniversary iPhone is unveiled.
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