Apple today revealed its results for the fourth fiscal quarter of 2016. While the company made as much revenue as expected, it still posted its first annual revenue decline since 2001.
The good news for investors is that Apple is projecting a lot of iPhone growth next quarter. In Q4 2016, Apple earned $46.9 billion in revenue and $9 billion in profit, but in Q1 2017 Apple predicts it will rake in $76 billion to $78 billion.
The total number of iPhones sold in Q4 reached 45.5 million. The iPad racked up 9.3 million in sales and the Mac hit 4.9 million. But what impressed Tim Cook the most is Apple’s booming services business.
“Our strong September quarter results cap a very successful fiscal 2016 for Apple,” said Cook in a statement. “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.”
All that money has made Apple’s cash pile bigger than ever. The company is now sitting on $237.6 billion in cash, up $6.1 billion from last quarter.
iPhone 7 sales should get a big boost next quarter if Apple can make enough to fulfill demand. CFO Luca Maestri told The Financial Times that demand for the jet black iPhone 7 Plus is “significantly stronger than our original expectation” and that it’s “hard to predict” when supply will finally catch up to demand.