Apple Profit Falls for First Time in 10 YearsApple Profit Falls for First Time in 10 Years
The iPhone maker faces some competition from Samsung and from its own users.
April 23, 2013
**Editor’s Note:
Click here
for our look back at how some of the biggest names in telecommunications performed financially in Q4 2012.**
For the first time in a decade, Apple Inc. has reported a decline in profits.
The news comes as Apple faces increasing competition from Samsung, and from a perhaps-unexpected source: its own users who are holding on to their older model iPhones, cutting into sales of new devices.
To that point, Apple’s fiscal second-quarter net income fell to $9.5 billion, down from $11.6 billion a year ago — an 18 percent drop. Revenue, however, went up to $43.6 billion, from $39.2 billion. Wall Street analysts were projecting profit of $9.5 billion and $42.3 billion in revenue.
Despite the losses, Apple announced its board has approved a 15 percent increase in the quarterly dividend, which amounts to $3.05 per common share, payable on May 16.
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