The company posted a profit of $9.5 billion on revenue of $43.6 billion in the first three months of this year, compared to a profit of $11.6 billion on $39.2 billion in the same quarter in 2012.
It said its gross margin, or the amount iphone 4s for of money it makes in profit from its devices, shrank to 37.5 percent from 47.5 percent.
Bloomberg reports pressure is now mounting on Apple chief Tim Cook to introduce hit products to reignite sales as shares in the tech giant continue to slide.
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It comes as Apple announced that its iphone 4s for board of directors has endorsed a plan to more than double to $100 billion the amount of its stock it will buy back in the coming three years.
The board also approved a move to raise a coming stock dividend by 15 percent to $3.05 per common share as the company worked to restore confidence in its stock.
Investors have been clamouring for Apple to give them access to its cash hoard, which ended March at an unprecedented $US145 billion.
Apple’s tight grip on its cash has been iphone 4s for blamed for the steep decline in its stock price over the northern winter.
“We are very fortunate to be in a position to more than double the size of the capital return program we announced last year,” Mr Cook said.
“We believe so strongly that repurchasing our shares represents an attractive use of our capital that we have dedicated the vast majority of the increase in our capital return program to share repurchases.”
Apple shares rose $US18.87, or 4.6 per cent, to $US425 in extended trading. The shares are still down 40 per cent from the peak hit on September 21, when the iPhone 5 went on sale.
The June quarter is generally a weak one for Apple, since consumers tend to hold off for the next iPhone, which the company usually releases in the fall.
“The decline in Apple’s stock price over the last couple of quarters has been very frustrating for all of us, but we’ll continue to do what we do best,” Mr Cook said on a conference call with analysts after the release of the results. But he reinforced that the company’s job is not to boost its stock price.
Apple’s profit loss is being blamed on several factors including increasing competition from rivals including Samsung and a slowing down of iPhone sales and comes as rival Samsung is set to release its Galaxy S4 smartphone this week.
The South Korean tech giant is by far Apple’s biggest competitor challenging the iPhone dominance by selling a range of handsets in different styles, sizes and prices.
Other experts also blame part of the loss on a recent backlash towards Apple following a series delays in delivering products such as the iPhone 5, leading to rivals picking up disgruntled customers.
The company’s share of the tablet computer iphone 4s for market also fell to its lowest mark in December, with figures revealing consumers flocking to Google.
Apple iPads made up 55 per cent of all tablets in last year’s third quarter, the company found, while Google Androidrun tablet computers accounted for 44 per cent.
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