|  |  |  |  | 

Business News Sourced Wired

Apple profits fall for first time in ten years

London, Apr 24 (ANI): US-based tech giant Apple has reported its first quarterly drop in profits in a decade.

The iPhone maker made a net profit of 9.5 billion dollars in the January to March quarter, down from 11.6 billion dollars last year.

But strong iPhone and iPad sales boosted revenues to 43.6 billion dollars, the BBC reports.

Concerns over slowing demand for its products amid increased competition have hurt Apple’s share price recently.

According to the report, analysts have suggested the company needs to innovate and develop new products to stay ahead of the competition, rather than relying on updates to existing products. (ANI)