iPhone revenues and unit sales dip in Q4 with 45.5M devices sold

Apple is still selling a lot of iPhones, but the numbers are continuing to slide from 2015 numbers.

The company reported Q4 2016 iPhones sales of 45.51 million units. This compares to 48 million units sold in the same quarter of last year. These numbers are largely in keeping, if not slightly better, than Wall Street expectations. Analysts were expecting Apple to ship 45 million iPhones this quarter.

In a press release, Apple CEO Tim Cook voiced that the company was “thrilled with the customer response to iPhone 7, iPhone 7 Plus,” but it’s clear that there’s a bit of slowdown in the category. There was a 13 percent year-over-year revenue decline in iPhone sales in addition to the 5 percent decline in unit sales.

In the earnings call, Cook interestingly said that the iPhone saw year-over-year growth in 33 of its top 40 markets, perhaps signaling that much of the revenue decline came from its largest markets. This quarter, overall revenues in the Americas fell 7 percent while revenues in Greater China tanked 30 percent.

Conversely, Cook detailed that iPhone sales in India were up 50 percent in fiscal 2016 from the previous year.

Due to supply constraints, Apple notably did not report launch-weekend sales of its iPhone 7 devices. Cook noted that with iPhone sales, “demand continues to outstrip supply.” Apple CFO Luca Maestri noted that the iPhone 7 Plus in particular was having trouble keeping up with demand.

In an answer to an investor question, Cook said that he believed iPhone 7 production would catch up with demand by the end of the quarter but was skeptical whether iPhone 7 Plus would reach equilibrium by December.