Over the past decade, Apple has proved to be the most valuable company in the world because of the incredible success of the iPhone. But in the past year, that success showed to be less during the unenthusiastic sales of the iPhone 6S models and decelerating growth in smartphone sales world-wide, especially in China where Apple's biggest growth market is in previous years.

Apple informed its third successive decline in revenue and profit after its fiscal fourth quarter is over on September 24. Net income dropped 19% from $11.1 billion to $9 billion, in the same period a year earlier

Apple's 63% of revenue in the just-completed fiscal year is because of its flagship product, the iPhone, but development in the smartphone market has slackened lately and consumer procurement habits are shifting. Apple said it sold 45.5 million iPhones in the fourth quarter, 2.5 million less than the previous year.

"We return to growth in the quarter despite the supply shortages that we've currently got," said Tim Cook Apple's Chief Executive.

According to FactSet, analysts had been anticipating revenue in the present quarter of $74.9 billion prior to Apple's announcement of iPhone 7. Apple expected revenue of $76 billion to $78 billion in the current quarter, which takes account of the holiday-shopping season and sales of the new phone. That would be a rise from $75.9 billion in the same period of the former year.

"The response to the iPhone 7, released in September has really been off the charts. There are waits for some models, particularly the high-end iPhone 7 Plus," Mr. Cook said.

According to Mr. Cook, there are also improvements in the company's services business, which includes Apple Music, iTunes and the App Store, where revenue grew 24% from a year earlier. "Apple Music revenue rose 22%, calling services our huge highlight in the quarter," Mr. Cook added.