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| Apple iPhone sales fall, but beat estimates | Apple iPhone sales fall, but beat estimates |
| (35 minutes later) | |
| Apple has reported its third quarter in a row of falling iPhone sales and revenue, but sales beat analyst expectations. | Apple has reported its third quarter in a row of falling iPhone sales and revenue, but sales beat analyst expectations. |
| The tech giant sold 45.51 million iPhones in the three months to 24 September, beating an average estimate of 44.8 million. | The tech giant sold 45.51 million iPhones in the three months to 24 September, beating an average estimate of 44.8 million. |
| The company also forecast higher-than-expected holiday season revenue of between $76bn and $78bn. | The company also forecast higher-than-expected holiday season revenue of between $76bn and $78bn. |
| But revenue in the fourth quarter fell 9% to $46.85bn. | But revenue in the fourth quarter fell 9% to $46.85bn. |
| That meant annual revenue fell for the first time since 2001, highlighting a slowdown in the smartphone market as well as intensifying competition, particularly from Chinese rivals. | That meant annual revenue fell for the first time since 2001, highlighting a slowdown in the smartphone market as well as intensifying competition, particularly from Chinese rivals. |
| Apple executives said demand for the new iPhone 7 was strong, despite fiscal fourth-quarter revenue falls in China and the Americas, its two most important markets. | |
| Revenue from Greater China, once seen as Apple's next growth hope, fell 30% in the quarter, after dropping 33% in the previous quarter. | Revenue from Greater China, once seen as Apple's next growth hope, fell 30% in the quarter, after dropping 33% in the previous quarter. |
| In the same period last year, revenue from Greater China doubled. | In the same period last year, revenue from Greater China doubled. |
| Apple's shares were down 3% at about $114.80 in after-hours trading. | Apple's shares were down 3% at about $114.80 in after-hours trading. |
| Net income fell to $9.01bn in the fourth quarter, down from $11bn in the same quarter last year. | |
| For the year, net income fell to $45.7bn from $53.4bn. | |
| Chief Financial Officer Luca Maestri said it was "impossible to know" if there was any effect yet from rival Samsung halting production of Galaxy Note 7 phones earlier this month. |