Falling iPhone sales have resulted in Apple recording its first drop in sales and profits since 2001.
The company reported overnight that it had revenue of US$215.6 billion for the year to 24 September, compared to US$233.7 billion for the previous financial year.
As far as profits went, the company made US$45.7 billion for the year to 24 September, a drop of 14%.
In the fourth quarter, Apple reported sales of US$46.9 billion compared to US$51.5 billion in the corresponding quarter of the previous financial year.
Nearly two-thirds of the sales came from countries other than the US.
In terms of profit, the company made US$9 billion in the fourth quarter, compared to US$11.1 billion in the corresponding quarter in the previous financial year.
Apple chief executive Tim Cook said: "Our strong September quarter results cap a very successful fiscal 2016 for Apple.
"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% to set another all-time record.”
Apple chief financial officer Luca Maestri said: “We are pleased to have generated US$16.1 billion in operating cash flow, a record for the September quarter.
“We also returned US$9.3 billion to investors through dividends and share repurchases during the quarter and have now completed over US$186 billion of our capital return programme.”
The company provided the following guidance for its fiscal 2017 first quarter:
- revenue between US$76 billion and US$78 billion;
- gross margin between 38% and 38.5%;
- operating expenses between US$6.9 billion and $7 billion;
- other income/(expense) of US$400 million; and
- tax rate of 26%.