April 23, 2013 13:55
Apple expected to reveal first profit losses since iTunes was launched
Result would mark the technology giant's only fall in earnings since 2003
The result would mark the first time the technology giant has suffered a fall in earnings since it launched the iTunes store in 2003. As ITV reports, last week Apple's shares hit their lowest levels since December 2011, making it lose its position as the world's most valuable publicly traded company. Some experts are predicting that today's announcement could reveal a profit slide of as much as 20 per cent.
The company has enjoyed rocket-like growth in the last decade but suffered a bad winter, with pressure on chief executive Tim Cook to unveil revolutionary new products – in the vein of iTunes and the iPod – as they face increasing competition from other companies such as Samsung, which launched its galaxy S4 handset last month.
Apple are reportedly planning a move into digital music streaming by developing a service that will rival Spotify and Pandora. According to reports last week, the company are close to signing a deal with major record labels Universal and Warner over the planned new service, although these have yet to be confirmed by either side.
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