Apple shares sink on first annual drop in revenue since 2001 (AAPL)

By: Business Insider

October 25, 2016 at 15:56 PM EDT

Getty

Apple reported its September quarter earnings after the market closed on Tuesday and the stock has dropped over 2% in after-market trading.

This is Apple's fourth quarter for the fiscal year. The stock is down for the year but has had a good recent string of weeks.

For the third consecutive quarter, iPhone sales were down from the year-ago period.

Apple sold 45.5 million iPhones, down from last year's sales of 48.05 million.

But only a few weeks of iPhone 7 sales were included in this quarter. Next quarter is the holiday quarter, which is Apple's biggest quarter, and it will be the first full period of iPhone 7 sales.

Apple is projecting revenue of between $76 billion and $78 billion, which would be a slight return to growth for the company.

We'll be updating the story and covering the earnings conference call live, so hit refresh or click here for the latest.

Here's what Apple reported for the September quarter:

Q4 EPS (GAAP): $1.67 per share, down 14.79% year-over-year (y/y), versus expectations of $1.65
Q4 revenue: $46.9 billion, down 8.93% y/y, versus expectations of $46.9 billion
Gross margin: 38%, down 4.76% y/y, versus expectations of 37.9%
iPhone unit sales: 45.5 million, down 5.3% y/y, versus expectations of 45 million
iPhone ASP: $618, down 7.7% y/y, versus expectations of $625
iPad unit sales: 9.2 million, down 6.8% y/y, versus expectations of 9.1 million
Mac unit sales: 4.8 million, down 15.7% y/y, versus expecations of 5.1 million
December quarter revenue guidance: Between $76 billion and $78 billion. At its midpoint, that guidance suggests 1.44% growth next quarter over last year.

Here are the charts:

NOW WATCH: Countries around the world are pouring billions of dollars into France's revolutionary nuclear fusion reactor