Apple profits slump 18% as iPhone sales slow
The seemingly unstoppable Apple juggernaut appears to have finally run out of steam after the tech firm revealed an 18 per cent fall in profits for the first quarter of 2013, the first such decline in a decade.
Apple has been hit by slowing sales growth of its flagship iPhone device in recent months amidst fierce competition with Samsung.
Between January and March Apple shifted 37.4m devices, an increase on the 35.1m it sold last year but well below the comparable figures for Samsung, whose figures were 65m and 41m respectively.
To compound Apple’s misery Samsung are set to release their hyped Galaxy S4 device today in the US – an event which is sure to fuel another sales boom.
Despite suffering a decline in profits Apple still raked in £6.3bn however amidst better than expected iPad sales, which rose to 19.5m for the quarter versus 11.8m last year.
Traders have already priced in a long term decline in Apple’s business however with its share price collapsing by 40 per cent since September.