The following is an excerpt from JULIA LOVE AND ANYA GEORGE THARAKAN | April 26, 2016 | reuters.com |
Apple Inc (AAPL.O) on Tuesday posted its first-ever decline in iPhone sales and first revenue drop in more than a decade as the company credited with inventing the smartphone struggles with an increasingly saturated market.
The company's sales dropped by more than a quarter in China, its most important market after the United States, and it also forecast another disappointing quarter for global revenues.
Its shares fell about 8 percent, dropping below $100 for the first time since February. A hike in Apple's share buyback and dividend as well as bumper revenue from services failed to mollify investors.
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