Washington: United State tech giant Apple posted its first drop in quarterly revenue in 13 years and its decline in iPhone sales for the 1st time in history.
The company on Tuesday also reported that its profits fell 22.5 percent to $10.52 billion, equivalent to 1.90 Dollar per share, compared to the $13.57 billion profits from the same period last year, EFE news reported.
Meanwhile, Apple`s revenue fell 13% to $50.55 billion.
Both revenues and profits were below analysts` expectations, who appraise that Apple would post earnings of $2 per share and revenues of $51.97 billion.
Meanwhile, Apple said 51.2 million i Phones 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% of total Apple revenue in the second quarter.
Moreover, revenue of between 41 billion Dollar and 43 billion Dollar is expected for Apple`s fiscal 2016 third quarter, below analysts` forecasts of $47.3 billion.
Apple also declared 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.