Good morning! Here’s the tech news you need to know this Wednesday.
1. Apple reported its first annual revenue decline in 15 years as sales of the iPhone continue to shrink. The decline comes as Wall Street frets that the world’s most valuable company doesn’t have a game-changing new product to revive its growth.
2. Apple sold 45.5 million Phones in the last quarter. Analysts were expecting 45 million iPhone sales. It’s a slight beat.
3. EasyJet billionaire Stellios Haji-Ioannou pulled out of a startup investment as a result of Brexit. He was preparing to back London coffee startup with £500,000.
4. Chinese smartphone giant Xiaomi has announced a new phone called Mi Mix. The device has a 6.4-inch edge-to-edge screen.
5. Apple has an office based in a suburb of Ottawa, Canada, that is dedicated to building software for its unofficial car project. That’s according to a report from Bloomberg’s Mark Gurman and Gerrit De Vynck.
6. One of the companies developing Elon Musk’s Hyperloop transportation system is planning to raise $250 million (£206 million) in early 2017. The company is called Hyperloop One.
7. Microsoft is expected to launch a potential Slack-killer next week. The move will save it from buying Slack for $8 billion.
8. Uber-owned company Otto last week reached a milestone by completing the first commercial cargo run for a self-driving truck. It essentially went on a 120-mile beer run.
9. Amazon is expected to surpass Macy’s to become the biggest apparel seller in the US next year, according to a new 58-page report from Cowen & Co. The company is operating in an increasing number of verticals.
10. VC Peter Thiel and Zenefits CEO David Sacks apologised for writing a book that downplayed rape. In the book, the pair write: “The purpose of the rape crisis movement seems as much about vilifying men as about raising ‘awareness’.”
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