Apple reports slumping iPhone sales as global demand weakens

Apple released its earnings report on Thursday, revealing a drop in overall revenue fueled by slackening iPhone sales. Earnings exceeded market expectations, however, and Apple's shares rose in after-hours trading. Tim Cook, Apple's chief executive, said in a statement released before the call that "Apple is reporting revenue of 90.8bn for the March quarter, including an all-time revenue record in services". The iPhone maker reported revenue of 90.8bn, down 4% year-over-year, but surpassing anticipated earnings of 90.1bn. It declared 0.25 in cash dividend for each share, an increase of 4%.