US tech giant Apple posted its first drop in quarterly revenue in 13 years and its decline in iPhone sales for the first time in history.
Washington: US tech giant Apple posted its first drop in quarterly revenue in 13 years and its decline in iPhone sales for the first time in history.
The company on Tuesday also reported that its profits fell 22.5 percent to $10.52 billion, equivalent to $1.90 per share, compared to the $13.57 billion profits from the same period last year, EFE news reported.
Meanwhile, Apple`s revenue fell 13 percent to $50.55 billion.
Both revenues and profits were below analysts` expectations, who estimated that Apple would post earnings of $2 per share and revenues of $51.97 billion.
Meanwhile, Apple said 51.2 million iPhones were sold, down from the 61.2 million units in the same period last year. However, iPhone sales were above analysts` projections, who had estimated that Apple would sell 50 million iPhones.
Sales of iPhones represented 65 percent of total Apple revenue in the second quarter.
Moreover, revenue of between $41 billion and $43 billion is expected for Apple`s fiscal 2016 third quarter, below analysts` forecasts of $47.3 billion.
Apple also announced that its Board of Directors has approved to infuse another $50 billion into the program to return capital to shareholders.
"Our team executed extremely well in the face of strong macroeconomic headwinds," said Tim Cook, Apple`s CEO.
However, his words did not convince investors, as Apple shares fell more than 6 percent in after hours trading.