IPhone sales decline continues to hurt Apple profits

A decline in sales of its iconic iPhone caused Apple to post its third consecutive decline in quarterly revenue and profit late last night.

The results also marked Apple’s first decline in annual revenue and profit since 2001.

For the fiscal fourth quarter, ended September 24, Apple said net income fell 19% to $9bn, or $1.67 a share, from $11.1bn, or $1.96 a share, in the same period a year earlier.