Weak iPhone demand is still causing Apple’s overall sales to shrink, despite the company’s effort to emphasize services designed to bring in a steady flow of money from its 1.4 billion devices still in use.
Revenue for the January-March quarter fell 5% from the same time in 2017 to $58 billion, the company said in its earnings report Tuesday. That downturn followed a 5% drop in the previous quarter.
Its the first time Apple has suffered two consecutive quarterly revenue declines in two-and-half years.
Apple still earned a profit of $11.6 billion during its latest quarter, though that was down 16% compared to last year.
The company also announced a 5% increase in its quarterly dividend to 77 cents per share.