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Apple posts modest revenue decline

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Apple today announced financial results for its fiscal 2016 fourth quarter ended September 24, 2016.
Apple posted quarterly revenue of $46,9-billion and quarterly net income of $9-billion, or $1.67 per diluted share for the fourth quarter ended 24 September.
These results compare to revenue of $51,5-billion and net income of $11,1-billion, or $1.96 per diluted share, in the year-ago quarter.
Gross margin was 38% compared to 39,9% in the year-ago quarter. International sales accounted for 62% of the quarter’s revenue.
“Our strong September quarter results cap a very successful fiscal 2016 for Apple,” says Tim Cook, Apple’s CEO. “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 percent to set another all-time record.”
“We are pleased to have generated $16,1-billion in operating cash flow, a new record for the September quarter,” says Luca Maestri, Apple’s chief financial officer. “We also returned $9,3-billion to investors through dividends and share repurchases during the quarter and have now completed over $186-billion of our capital return program.”
Apple is providing the following guidance for its fiscal 2017 first quarter:
* Revenue between $76-billion and $78-billion;
* Gross margin between 38% and 38,5%;
* Operating expenses between $6,9-billion and $7-billion;
* Other income/(expense) of $400-million; and
* Tax rate of 26%.