First fall in ten years for Apple profits
US-based tech giant Apple has reported its first quarterly drop in profits in a decade.
The iPhone maker made a net profit of 9.5 billion dollars in the January to March quarter, down from 11.6 billion dollars last year.
But strong iPhone and iPad sales boosted revenues to 43.6 billion dollars, the BBC reports.
Concerns over slowing demand for its products amid increased competition have hurt Apple's share price recently.
According to the report, analysts have suggested the company needs to innovate and develop new products to stay ahead of the competition, rather than relying on updates to existing products.
- US offers $5 million reward for tips that would help take down Daesh’s oil trade
- Oprah snubs BDS over Israeli diamonds
- The UAE harnesses the power of celebrity endorsements
- Gazans reach beyond Israeli blockade through start-up
- Samsung Electronics Levant holds the prescreening for Marvel’s Avengers: Age of Ultron