Apple releases 2014 annual report

Apple sales released their annual report, where they confirmed that iTunes music sales had declined this year. While they didn't specify the amount of the decline, a recent report puts it between 13 and 14 percent. Overall, however, sales in the iTunes Store grew thanks to app sales and in-app purchases, according to the report:

Growth in net sales from the iTunes Store was driven by increases in revenue from app sales reflecting continued growth in the installed base of iOS devices and the expanded offerings of iOS Apps and related in-App purchases.

Apple also doubled the amount they spent on acquisitions, spending almost $1 billion, not including their Beats purchase. They also greatly increased their spending on research and development, primarily on personnel, as well as equipment supporting R&D.

What do you think of Apple's 2014? Leave your thoughts with us in the comments.

Source: SEC

Joseph Keller

Joseph Keller is the former Editor in Chief of iMore. An Apple user for almost 20 years, he spends his time learning the ins and outs of iOS and macOS, always finding ways of getting the most out of his iPhone, iPad, Apple Watch, and Mac.