Apple Leans on Services, iPhone 7 as Profits Drop
They had a good run. Apple has announced its first annual revenue decline in 15 years, dropping 9 percent last quarter to $46.9 billion. It’s still the most valuable company in the world, and the tech giant’s working swiftly to mitigate the damage, looking to both the iPhone 7 — for which customers are waiting eight weeks in some areas — and 24 percent revenue growth in its services, which include iTunes, Apple Music and apps. While investors are skeptical, analysts say customer loyalty could bolster Apple considerably.