Apple profits and revenues fall as demand for iPhones slows

Apple has reported a decline in both revenue and profits in its latest quarterly financial results, as the company feels the pinch from slowing demand for its star product, the iPhone. The results showed a 15 per cent fall in sales of the iPhone in the three months ending to 29 December, diving from $61.1bn (£46.8bn) in 2017, down to £51.9bn dollars (£39.8bn) a year later. Mac, iPad and the Wearables, Home and Accessories category all experienced an increase in net sales, but the most notable growth came from Apple's services - which includes its Apple Music streaming platform, the App Store, iCloud storage and Apple Pay - jumping 19 per cent, from $9.1bn (£7bn) to $10.9bn (£8.3bn) year-on-year. However, combined, the hole left by weak iPhone sales resulted in a total drop to $84.3bn (£64.5bn), Profits also fell slightly to $19.9bn (£15.3bn),