Apple reports its financial results for the quarter ended Sept. 24

Apple reports its financial results for the quarter ended Sept. 24

On Tuesday, tech giant Apple released the financial results for its 2016 fiscal fourth quarter, reporting a plunge in profits as well as weaker iPhone sales for the third consecutive quarter.

According to the figures reported by Apple, the company's net income for the quarter, which ended September 24, was 9.01 billion, or $1.67 per share, which marked a notable drop over as compared to its same quarter last year net income of $11.1 billion, or $1.96 per share. Analysts had projected that the company would report per-share earnings of $1.65 in the latest quarter.

Apple's revenue for the reporting quarter also recorded a 9 percent year-on-year drop to $46.85 billion, which was short of analysts' expectations of $46.89 billion revenue.

The iPhone sales reported by Apple for the quarter were 45.5 million units, underscoring a 5 percent year-on-year drop over the last year same quarter figures of 48 million units. Nonetheless, the latest quarter iPhone sales beat Wall Street's estimates of 44.2 million units.

Meanwhile, ahead of the quarterly results posted by Apple for its 2016 fiscal fourth quarter, analyst firm CCS Insight's research chief Ben Wood had said: "Some reports will focus on Apple having a weak quarter, which ignores the fact that it continues to be the most profitable device maker on the planet and there seems little evidence that will end any time soon."