Higher profits in spite of dip in sales, reports Apple
Posted on: 03/May/2017 1:20:58 PM
Apple reports state that there is increase in quarterly profits. However, its shares took a hit out of slowly increase revenue and weak sales of iPhones while its 10th anniversary is approaching.
There is 4.9 percent increase in profit. This is a bit higher than the USD 11 billion with the increase in revenue of 4.6 percent to USD 52.9 billion in the quarterly that got over in 1st April.
There was 2 percent reduction in shares with the California based company and was USD 114.79 with the after-market trades after earnings figure release.
We take pride in announcing the strong March quarter. The revenue growth has raised from the December quarter. There is strong demand for iPhone 7 Plus, said Tim Cook, the Chief Executive of Apple.
The iPhone 7 Special Edition has got great response. We have observed the highest revenue in the 13-week quarter, and we are excited about strong momentum of services. Compared to one year ago, there is dip in iPhone sales.
Apple has further announced that addition of USD 50 billion for dividends and purchase of back shares is authorized by its board of directors.
