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| Apple revenue falls for first time since 2003 | Apple revenue falls for first time since 2003 |
| (35 minutes later) | |
| Apple reported a 13% drop in its second quarter revenue on Tuesday as sales of iPhones slipped. | Apple reported a 13% drop in its second quarter revenue on Tuesday as sales of iPhones slipped. |
| The technology giant reported quarterly sales of $50.56bn (£34.39bn) down from $58bn last year - the first fall in sales for the company since 2003. | The technology giant reported quarterly sales of $50.56bn (£34.39bn) down from $58bn last year - the first fall in sales for the company since 2003. |
| Apple sold 51.2 million iPhones during the quarter, down from 61.2 million in the same quarter of 2015. | Apple sold 51.2 million iPhones during the quarter, down from 61.2 million in the same quarter of 2015. |
| China was a particular weak spot - sales there fell 26%. Results were also hit by the impact of a stronger dollar. | |
| Tim Cook Apple's chief executive said the company performed well "in the face of strong macroeconomic headwinds". | Tim Cook Apple's chief executive said the company performed well "in the face of strong macroeconomic headwinds". |
| Apple's quarterly profit slipped to $10.5bn from $13.5bn. | Apple's quarterly profit slipped to $10.5bn from $13.5bn. |
| Apple also announced it would return $50bn to shareholders through an increase in share buybacks and a 10% increase in quarterly dividends. | Apple also announced it would return $50bn to shareholders through an increase in share buybacks and a 10% increase in quarterly dividends. |
| Back in January the company warned that it was experiencing its slowest-ever increase in orders for iPhones and that this would cut into second quarter earnings. | Back in January the company warned that it was experiencing its slowest-ever increase in orders for iPhones and that this would cut into second quarter earnings. |
| Declining growth in smartphone sales has impacted the entire industry and companies are struggling to find the next area of innovation. | Declining growth in smartphone sales has impacted the entire industry and companies are struggling to find the next area of innovation. |
| "The industry is in a lull between the mobile boom and what comes next in automotive, the connected home, health and industrial applications of the internet of things," said Geoff Blaber, from CCS Insight. | "The industry is in a lull between the mobile boom and what comes next in automotive, the connected home, health and industrial applications of the internet of things," said Geoff Blaber, from CCS Insight. |
| One bright spot for Apple was its services unit, which includes App Store downloads, Apple Pay and Apple Music. The division experienced a 20% growth compared with the same quarter in 2015. | One bright spot for Apple was its services unit, which includes App Store downloads, Apple Pay and Apple Music. The division experienced a 20% growth compared with the same quarter in 2015. |
| Apple also said it is looking to grow through acquisitions, and on a conference call with investors Mr Cook said that over the previous four quarters it had bought 15 companies. | Apple also said it is looking to grow through acquisitions, and on a conference call with investors Mr Cook said that over the previous four quarters it had bought 15 companies. |