Apple reportedly has a team to create satellites

Apple has reportedly assembled a secret team of engineers across industries to create satellites.

According to a report from Bloomberg, the goal of the technology could be beaming data, such as internet connectivity, to devices or to offer more precise location tracking.

Citing "people familiar with the work," Bloomberg reports work on the project is in its early stages and could be abandoned altogether. The goal is to deploy technology within five years, the report said.

Apple could not be immediately reached for comment.

Although demand for its biggest product, the iPhone, appears to be cooling off, the tech giant continues to top analyst expectations.

During the fourth quarter, revenue rose 2% to $64 billion, despite a 9% decline in revenue from iPhone sales. Apple's profit for the quarter dipped to $13.7 billion.