Apple’s profit has dropped by 19% in the past quarter due to a widely expected drop in iPhone sales, according to their official report on Tuesday.
The company, which is the world’s biggest by market value, said its revenue in the fiscal fourth quarter fell to $46.9billion from $51.5billion a year ago.
According to The Guardian, the results were largely in line with market forecasts and showed sales of the iPhone — Apple’s biggest revenue and profit driver — down five percent from a year ago to 45.5 million units.
Analysts were expecting declines in iPhone sales with many smartphone markets saturated, a situation which has led Apple to focus on new products like the Apple Watch and services like mobile payments and music streaming.
The quarterly update only provides limited information on the reception of the newest iPhone models, the iPhone 7 and 7 Plus, which were released in early September.
Apple closed out its fiscal year ending September 24 with a net profit of $45.7billion on revenues of $215.6billion, both figures lower than the prior year.