Phone and computer maker Apple, the world’s biggest company, posted lacklustre results for its second quarter as the sale of iPhones dipped.
Sales in iPhones fell by less than 1% over the same period last year moving only 50.8 million handsets as customers held off purchasing iPhones perhaps in anticipation of Apple’s 10-year Anniversary editions to be launched in the Autumn, according to Apple’s CEO Tim Cook.
Shareholders have received some of the company’s bounty of its $250bn cash hoard as it released a further $50bn to its investors under its capital return programme.
The Board also approved a 10.5% increase to the Company’s quarterly dividend and declared a dividend of $0.63 per share.
Market response, however, was tepid and its share price fell 1.9% to $144.65 overnight. Apple’s performance is closed watch as it’s the largest contributor to earnings growth in the tech sector.
Apple is pleased with its performance. Cook said: “We’ve seen great customer response to both models of the new iPhone 7 (Product) Red Special Edition and we’re thrilled with the strong momentum of our Services business, with our highest revenue ever for a 13-week quarter.“