First fall in ten years for Apple profits
Apple has reported its first fall in profits for a decade
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.
- Nip, tuck: Dubai's grand plans for being a major player in medical tourism
- Zain, UNHCR, Facebook to bring free internet access to urban refugees in Jordan
- Yemen Central Bank headquarters to relocate from Sanaa to Aden
- IMF report details the crippling economic effects of conflict in MENA
- Start Up Lebanon entrepreneurs head to Silicon Valley Roadshow