Apple revenue falls for first time since 2003
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.
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.
Apple shares fell 8% in afterhours trading. Its shares have fallen close to 20% over the last twelve months.
Apple's chief executive Tim Cook said the company performed well "in the face of strong macroeconomic headwinds".
Apple's quarterly profit slipped to $10.5bn from $13.5bn.
Nevertheless, it announced it would re...
