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Apple posts mixed Q4 results

Revenues decline as services earnings grow by almost a quarter

Apple hopes new iPhone 7 will push up growth momentum after the lackluster performance of the iPhone 6S series.
Apple hopes new iPhone 7 will push up growth momentum after the lackluster performance of the iPhone 6S series.

Apple has announced financial results for its fiscal 2016 fourth quarter ended 24 September 2016.

Apple posted its quarterly revenue of $46.9bn and quarterly net income of $9bn, or $1.67 per diluted share. These results compare to revenue of $51.5bn and net income of $11.1bn, or $1.96 per diluted share, in the year-ago quarter. Gross margin was 38% compared to 39.9% in the year-ago quarter. International sales accounted for 62% of the quarter’s revenue.

“Our strong September quarter results cap a very successful fiscal 2016 for Apple,” said Tim Cook, Apple’s CEO. “We’re thrilled with the customer response to iPhone 7, iPhone 7 Plus and Apple Watch Series 2, as well as the incredible momentum of our Services business, where revenue grew 24 percent to set another all-time record.”

“We are pleased to have generated $16.1bn in operating cash flow, a new record for the September quarter,” said Luca Maestri, Apple’s CFO. “We also returned $9.3bn to investors through dividends and share repurchases during the quarter and have now completed over $186bn of our capital return program.”

However, Apple is projecting rise in revenues for its fiscal 2017 first quarter of between $76bn and $78bn.

Apple’s board of directors has declared a cash dividend of $0.57 per share of the company’s common stock. The dividend is payable on 10 November 2016 to shareholders of record as of the close of business on 7 November 2016.