Apple reports surprise decline in iPhone sales

Apple shares fell in late trading yesterday as it reported a surprise fall in iPhone sales for the second quarter, indicating that customers had held back purchases in anticipation of the 10th-anniversary edition launch of its most important product.

The company boosted its capital return program by $50bn, increasing its share repurchase authorisation by $35bon and raising its quarterly dividend by 10.5%.

Apple sold 50.76m iPhones in its fiscal second quarter ended April 1, down from 51.19m a year earlier.