Posts annual lossApple publishes its annual report which reiterates its FY loss of $816 million, falling from a profit of $424 million a year ago, because in the last nine months of the year the group suffered "a significant decline in net sales, units shipped, and share of the personal computer market”, according to the firm’s annual report.
Total Mac computer sales fell at the beginning in the second quarter of 1996, plunging 11%, 19%, and 26% during the 12, nine, and three months to September 27, respectively, compared with the same periods in 1995. The firm said it suffered a fall in “worldwide demand for all product families” which it added was “due principally to customer concerns regarding the company's strategic direction, financial condition, and future prospects.”
Apple said it would “ implement a new strategic direction”, which would see it “more selectively” target the education, home, and business markets.” It added:
In moving in this new strategic direction, the Company expects to reduce the number of new product introductions and the number of products in certain categories within its current product portfolio.
Shares fell 3.8% to $22.25 on the day.