Apple sales fall after 13 years

Apple's Services category which has App and iTunes Store revenue to Apple Music and iCloud subscriptions grew 20 percent from $4.99 billion to $5.99 billion. The company also announced that its board of directors has authorised an increase of $50 billion to the company's programme to return capital to shareholders. Under the expanded programme, Apple plans to spend a cumulative total of $250 billion of cash by the end of March 2018. "We generated strong operating cash flow of $11.6 billion and returned $10 billion to shareholders through our capital return programme during the March quarter," said Luca Maestri, Apple's CFO. For the fiscal 2016 third quarter, Apple predicts revenue between $41 billion and $43 billion and gross margin between 37.5 percent and 38 percent