California-based Apple reported a 16% drop in profits in the just-ended quarter to $11.6 billion, as overall revenues dipped 5% to $58 billion.
Apple has been scrambling to develop new revenue streams amid stagnant growth and increased competition in the smartphone market, which has been the company’s main profit driver. A total of 310.8 million smartphones were shipped globally during the first three months of this year in a 6.6% decline from the same period in 2018, preliminary IDC data showed. It was the sixth consecutive quarter of decline for global smartphone shipments.
South Korean consumer electronics behemoth Samsung saw smartphone shipments drop 8.1 percent to 71.9 million in the first quarter.
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