Due to a decline in iPhone and computer sales, Apple has experienced a decrease in like-for-like sales and profits in its last quarter.

According to Apple’s fourth quarterly update for the period ending September 24th, the company brought in $46.9 billion (£38.3 billion) in sales and $9 billion (£7.3 billion) in profits.

This is a decline compared to the same period last year, in which the company earned $51.5 billion (£42 billion) in sales and $11.1 billion (£9 billion) in profits. Gross margin was also down 38% this quarter compared to 39.9% this time last year.

Despite this, chief executive Tim Cook has said it has been a “very successful fiscal” year for the electronics retailer and manufacturer.

International sales accounted for 62% of Apple’s revenue for the quarter and the company generated $16.1 billion (£13.1 billion) in operating cash flow – which is a new record for the September quarter.

The trading update comes as sales of iPhones continued to fall for the consecutive quarter. Sales of Mac computers also dipped by 17% this quarter.

However, the release of the latest iPhone towards the end of the quarter is reportedly bucking the trend with strong sales.

Mr Cook said: “We’re thrilled with the customer response to iPhone 7, iPhone 7 Plus and Apple Watch Series 2, as well as the incredible momentum of our Services business, where revenue grew 24% to set another all-time record.”