Apple reports drop in profits for first time in a decade
April 24 , 2013
Apple reported its first quarterly drop in profits in a decade on Tuesday.
The industry giant made a net profit of $9.5 billion for the three months to the end of March, compared to $11.6 billion it reported in the same period last year.
However, the results were better than analysts’ expectations as strong sales of iPhones and iPads helped lift revenues to $43.6 billion.
Apple is still a dominant player in the tablet computer and smartphone market but concerns have risen amongst investors that it is losing its market share to rivals such as Samsung.
Apple has lost around 40 percent of its stock market value since reaching an all-time high in September last year.
The company also announced plans to buy back $60 billion in shares along with raising its dividend to shareholders by 15 percent.
The move saw Apple's shares rise 5.5 percent in after-hours trading on Wall Street.