Apple Breaks 15-Year Streak of Increasing Sales

The company made $18 billion less in 2016 than it did in 2015

By Michael Harthorne, Newser Staff

Posted Oct 25, 2016 5:30 PM CDT

Copied

Apple Sees Annual Sales Drop for 1st Time in 15 Years — Apple CEO Tim Cook announces the new iPhone 7 during an event last month. (AP Photo/Marcio Jose Sanchez, File)

The last time Apple saw its annual sales decline, Friends was still the most-watched show in America. CNN reports Apple's 15-year streak—dating back to the debut of iPod in 2001—officially ended Tuesday when the tech giant announced sales of $216 billion in 2016, an $18 billion drop from 2015. The decline in sales was mostly due to slumping iPhone sales, as well as tougher competition in China, where Apple's sales fell by 30% in 2016. Apple shares dropped 2% after the figures were released Tuesday, according to Forbes. Regardless, Apple CEO Tim Cook says it was a "very successful fiscal 2016." The company believes it will recover next quarter with the help of holiday sales. (Read more Apple stories.)