Apple's Income Falls: iPhone and iPad Sales Drop

IndustryTrends

Apple reported a 4% decrease in quarterly revenue to $90.8 billion due to a drop in iPhone, iPad, and wearables sales.

However, it also announced a $110 billion stock buyback.

iPhone sales fell to $45.7 billion, but Apple stock rose by 7% in extended trade.

Apple faces falling demand in China and fierce competition from Samsung.

The company is also facing legal action in the U.S. over antitrust concerns.