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Apple reports drop in iPhone sales

First time a decline in sales of iPhones was reported on April 26, 2016, when Apple introduced corporate reporting

MOSCOW, May 3. /TASS/. Apple Corporation has repeatedly registered a drop in sales of iPhones while the company’s revenues have grown. That is according to the company's financial report for the second quarter of the 2017 financial year published on Tuesday.

The second quarter of the company’s financial year ended on April 1.

In the first three months of 2017, Apple sold about 50.8 mln iPhones raising $52.9 bln while the net profit totaled $11 bln.

In comparison with the second quarter of the 2016 financial year, the first indicator showed decline while the second and third indictors grew.

For reference - in the second quarter of 2016 financial year, the company sold $51/2 mln iPhones while revenues totaled $50.6 bln and the net profit was $10.5 bln.

Analysts predicted that Apple would present more positive results. In particular, experts of the US research company FactSet Research Systems expected that in the second quarter at least 52 mln iPhones will be sold. The experts that were interviewed by Reuters, believed that revenue would be about $52 bln.

Shortly before the publication of corporate report on Tuesday, Apple's market capitalization increased to a record $774.9 bln. Later, that indicator slightly declined. According to the latest estimates of the financial division of CNN, the company's capitalization by the time of the completion of stock trading in the US amounted to approximately $769 bln.

The sales of iPhones have been growing continuously for about eight years since these smartphones were brought to the market.

First time a decline in sales of iPhones was reported on April 26, 2016, when Apple introduced corporate reporting. Since then the descending trend has continued.

In recent years, sales of iPhones accounted for about two-thirds of the company's revenues.

Representatives of Apple have repeatedly stressed the need to reduce the company’s dependence on this product.

Apple CEO Tim Cook said that he expects the demand for other high-tech devices to grow in future. The company also hopes to increase profits from various services, including music Apple Music.