Apple revenue decline year-over-year, cash dividend of $0.57 per share

Quarterly results marked the third straight quarter where Apple posted a year-over-year revenue decline.

apple revenueApple announced financial results for its fiscal 2016 fourth quarter 2016. The Company posted quarterly revenue of $46.9 billion and quarterly net income of $9 billion, or $1.67 per diluted share.

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 percent compared to 39.9 percent in the year-ago quarter. International sales accounted for 62 percent.

The board of directors has declared a cash dividend of $0.57 per share of the Company’s common stock. The dividend is payable on November 10, 2016 to shareholders of record as of the close of business on November 7, 2016.

Our strong September quarter results cap a very successful fiscal 2016. 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” said Tim Cook, Apple’s CEO.

Guidance for fiscal 2017 first quarter:

– Revenue between $76 billion and $78 billion
– Gross margin between 38 percent and 38.5 percent
– Operating expenses between $6.9 billion and $7 billion
– Other income/(expense) of $400 million
– Tax rate of 26 percent.