The Cupertino-based tech giant reported 28 percent annual revenue growth to $238 billion. In the fourth quarter, it reported $51.5 billion in revenue and a net profit of $11.1 billion, a large improvement over the $42.1 billion in revenue and $8.5 billion in net profit the company reported for the corresponding period last year. To put that in perspective, Apple’s revenue matches the GDP of Greece, the 44th largest economy in the world.
“This continued success is the result of our commitment to making the best, most innovative products on earth, and it’s a testament to the tremendous execution by our teams,” said Tim Cook, Apple’s CEO. “We are heading into the holidays with our strongest product lineup yet.”
In the report, Apple estimates $75.5 to $77.5 billion in revenue next year, 40 percent gross margin, $6.3 to $6.4 billion in operating expenses, and $400 million in “other” expenses.
The iPhone continues to be the breadwinner for Apple, but the company also reported an increase in Apple Watch and Mac sales, alongside more App Store purchases. The iPad remains a sore point on the company’s portfolio, though, as it continues to decline in sales.
The iPad Pro might be able to fix some of the decline, but the 12.9-inch tablet is focused on professional users, not regular consumers. Cook said in an interview earlier this year that iPad owners were hanging onto their tablets for much longer periods, compared to their iPhones, which is why sales are in decline.
Apple reported that 62 percent of its sales came from countries outside of the United States. China played a large part in the growth of international sales, but the company is struggling to reach the top spot in that country, with Huawei currently holding the throne.
Next year, Apple wants to engage customers in India and start sales in Iran. It is working with Foxconn and other energy suppliers in China to build huge solar farms, capable of powering all manufacturing lines by 2020.
