Apple reports first decline in profits for a decade

Apple reported its first profit decline since 2003 and forecast revenue that missed analysts’ estimates amid slowing iPhone sales growth and accelerating competition from Samsung.

Pressure is now mounting for chief executive Tim Cook to introduce hit products to reignite sales.

Fiscal second-quarter net profit fell 18% to $9.55bn (€7.34bn), or $10.09 a share, Apple said yesterday. Sales in the current period will be $33.5bn to $35.5bn.