Apple Inc. (AAPL) PT Set at $133.00 by Macquarie

As a result, the company's annual revenue fell for the first time since the iPhone was launched. Unsurprisingly this drop in sales also had a negative impact on the company's profits, which also saw a significant drop of 14% to $45.7bn.

Apple's hardware sales fell by 8 per cent compared to a year ago. The Company posted quarterly revenue of $46.9 billion and quarterly net income of $9 billion, or $1.67 per diluted share. Report says iPhone 8 will come in three sizes, all with glass backs: Now that the iPhone 7 and 7 Plus are out... https://t.co/mUg1BuM46M - Bazinga! The biggest near-term issue revolves around supply constraints for the higher-priced iPhone 7 Plus, which will weigh on gross margins and likely contributed to Apple's stock falling 3% after hours.

Apple stock was down 2.5 percent in after hours trading following the earnings release.

It's not all bad news, though, as Apple noted that its services division, which includes iCloud, iTunes, and Apple Music, grew 24 percent year over year.

Despite the depressing figures that turned up in the financial report of 2016, Apple has put up a strong face and has forecasted a comeback in the next quarter as it has predicted product sales worth $76-78 billion.

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Apple Chief Financial Officer Luca Maestri told Reuters on Tuesday it was "impossible to know" if there was any effect yet from Samsung halting production of its Note 7 phones.

Net income in the quarter surged 34% to $2.3 billion or $3.60 per diluted share compared to the $1.7 billion or $2.47 per share from the same quarter past year.

According to Apple's fourth quarterly update for the period ending September 24, the company raked in $46.9 billion (£38.3 billion) in sales and $9 billion (£7.3 billion). NN Investment Partners Holdings N.V. purchased a new position in Apple during the first quarter valued at about $325,287,000.

"The mix that we projected on iPhone 7 Plus is short of what the reality is". The iPhone maker reported $1.67 earnings per share for the quarter, beating the Zacks' consensus estimate of $1.66 by $0.01. One recent global report has suggested smartwatch sales declined 51 percent in the third quarter of 2016. The initial trigger was CEO Tim Cook, who in his opening remarks called out India as one of the most promising markets for the company.

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