Apple eying to tap India's huge potential: Tim Cook

Its shares came off record high levels in after-hours trading when it revealed it sold 50.7 million iPhones over the three months to 1 April - down from 51.19 million in the same period a year earlier.

Many analysts anticipate that the company will deliver a completely redesigned iPhone later this year.

CNBC also pointed out that Apple's dividend hike marks an increase from last year's 9.6 percent boost, but does fall short of 2013's raise of 15 percent. However, the Cupertino-based company can not deny that their sales have declined.

Net income of $11bn, up five per cent from $10.5bn in the year-ago quarter.

"First-half revenue was down 13 percent year-over-year, about a third of which was attributable to FX (foreign exchange)", Apple CEO Tim Cook said during a conference call with analysts. The company earned $52.90 billion during the quarter, compared to analysts' expectations of $52.61 billion.

Apple has apparently already chosen the company in which it will invest, but won't announce that just yet.

He noted that iPhone sales were better than the headline numbers suggest, as Apple reduced the volume of inventory going through its retail channel by about 1.2 million units in the quarter.

Despite having recently launched the new £399 iPad, firm shifted just 8.92 million tablets during the quarter, down nine per cent compared to the 10.2 million flogged this time a year ago.

Furthermore, Apple continues to lose ground in Chinese markets, as sales declined by 14% to $10.73 billion over the same period previous year.

Revenue in the Greater China region, one of the company's mainstays in terms of geography, fell 14% with cheap smartphone players chipping away at its share. That is services growth of 18 percent driven by the App Store of 40 percent besides demand for iCloud storage.

The Apple Watch is a ideal example, no one really knows how well it is selling because Apple won't say.

Meanwhile sales from Apple's other products such as iPods, Apple Watch, AirPods, Beats headphones and other accessories rose by 31% to $2.87bn (£2.22bn).

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