Apple business loses $30 billion, loses $2.4B in first three quarters, according to SEC report
New York (CNNMoney) Apple (AAPL) reported its first quarterly loss since 2009, and the tech giant lost nearly $30bn, according a quarterly financial report.
Apple reported a net loss of $4.6bn for the quarter ending March 31, which ended with the third quarter.
Apple’s total revenue came in at $46.7bn, which was down from $47.6 billion a year earlier.
Apple said it had $18bn of cash and investments, compared to $20bn at the end of last year.
Apple is also losing money from acquisitions, which is something that other tech companies are trying to replicate, such as Amazon (AMZN).
In its earnings report, Apple said it was “concerned about our ongoing efforts to build a more resilient and more efficient business, including the continued challenges we face in achieving our goal of being profitable for our customers.”
Apple said in the quarterly report that the company’s iPhone revenue had been flat for four straight quarters.