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Apple profits up by 33%; to return more cash to investors

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By NewsGram Staff Writer

Beating analysts’ expectation, Apple has touched remarkable quarterly earnings and revenue.

The firm reported that it sold 61.1 million iPhones in the first three months of 2015. The sale drove company’s profit up by 33% from the previous year.

A profit of whopping $13.6 billion was reported by Apple, while the revenue rose 27% to $58 billion.

In a statement, the technology giant said that iPhone sales in greater China outpaced those in the US for the first time, helped by the Chinese New Year celebration.

Rising demand for the iPhone 6 and 6 Plus foresees an unexpected rise in its annual profit since 2012.

The decision to make a much bigger device with the iPhone 6 – an idea which Steve Jobs had rejected – has paid off in spades, quoted British broadcaster BBC.

However, sales of Apple’s iPad still remain sluggish. With a sale of 12.6 million iPads, Apple saw a sharp fall of 23% from the previous year.

Apple Inc.’s chief executive, Tim Cook, said, “We are thrilled by the continued strength of iPhone, Mac and the App Store, which drove our best March quarter results ever.”

It was also announced by the firm on Monday that it would broaden its capital return program to $200 billion from a previously announced $130 billion. This estimated figure comes from Apple expanding its share repurchase authorization to $140 billion from the $90 billion announced in 2014, and boosting its dividend 11% to 52 cents per share.

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China Bans iPhone Sales Due to Patent Dispute

China's court decision is the latest legal action in a long-running dispute between the California tech giants.

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iPhone, Chinese
The Apple iPhone 7 is displayed at an Apple store at the Grove in Los Angeles, California. VOA

A Chinese court has ordered a ban in the country on most iPhone sales because of a patent dispute between iPhone maker Apple and U.S. chipmaker Qualcomm.

The Fuzhou Intermediate People’s Court granted Qualcomm’s request for preliminary injunctions against four subsidiaries of Apple, ordering them to immediately stop selling the iPhone 6S through the iPhone X that use older versions of Apple’s iOS operating system, according to a statement from Qualcomm Monday.

Apple said in a statement Monday its iPhones using newer operating systems remain on sale in China.

Apple, chinese
This Monday, Oct. 22, 2018, photo shows from left the iPhone 8, iPhone 8 Plus, and the iPhone XR in New York. The new XR phone has a larger display and loses the home button to make room for more screen. VOA

The Chinese court found Apple violated two of Qualcomm’s software patents involving resizing photographs and managing applications on a touch screen.
Apple shares fell Monday on the news.

“Qualcomm’s effort to ban our products is another desperate move by a company whose illegal practices are under investigation by regulators around the world,” Apple said in its statement.

Qualcomm’s general counsel, Don Rosenberg, said in a statement Monday “Apple continues to benefit from our intellectual property while refusing to compensate us. These court orders are further confirmation of the strength of Qualcomm’s vast patent portfolio.”

Qualcomm, Chinese
– The logo for Qualcomm appears on a screen at the Nasdaq MarketSite, in New York. VOA

China’s court decision is the latest legal action in a long-running dispute between the California tech giants.

Also Read: China Warns Canada Against Severe Consequences If Huawei CFO Isn’t Released

Qualcomm has also asked regulators in the United States to ban several iPhone models over patent disputes, however U.S. officials have so far declined to do so. (VOA)