Apple’s sales are still shrinking amid weakening iPhone demand, despite the company’s increasing emphasis on services designed to bring in a steady flow of money from the 1.4 billion of its devices still in use.
Revenue for the January-March quarter fell 5% from the same time in 2017 to $58 billion, the company said in its earnings report Tuesday. That downturn followed a 5% drop in the previous quarter.
FILE – In this Oct. 30, 2018, file photo the new iPad Pro with its accessory keyboard and pencil is tested during a pre-release showcase after an event announcing new products in the Brooklyn borough of New York. Apple Inc. reports financial results Tuesday, April 30, 2019. (AP Photo/Bebeto Matthews, File)It’s the first time Apple has suffered two consecutive quarterly revenue declines in two-and-half years.
Apple still posted a profit of $11.6 billion during its latest quarter, though that was down 16% compared to last year. That translated into $2.46 per share, down 10% from last year, but above the $2.36 per share forecast among analysts surveyed by FactSet.
The Cupertino, California, company also announced a 5% increase in its quarterly dividend to 77 cents per share.