Apple posts first earnings decline in 11 years

Apple ended the 2013 fiscal year with its first earnings decline in 11 years, the company revealed this week. The iOS behemoth posted revenues of $170.9 billion for the full year, up from $156.5 billion year-over-year, and profits of $37 billion, down from $42 billion year-over-year. For the quarter ended September 28, 2013, it posted revenue of $37.5 billion, up from $36 billion year-over-year, and profits of $7.5 billion, down from $8.2 billion year-over-year. Despite the overall decline, Apple CEO Tim Cook described the results as "a strong finish to an amazing year," and noted that nearly 34 million iPhones were sold in the fourth quarter alone. With regards to the 2014 fiscal year, Apple is expecting revenue between $55 billion and $58 billion for the first quarter, fueled by the releases of the iPhone 5c, the iPhone 5s, iOS 7, the iPad Mini with Retina Display, and the iPad Air.