Apple shares slide after first quarterly revenue fall in 13 years

Shares below $100 in after-hours trading

Shares in Apple dropped below $100 in after-hours trading after the tech giant reported its first quarterly revenue fall in 13 years in its latest set of results.

The tech giant reported the first year-on-year decline in quarterly revenues in the history of the iPhone, undershooting analysts' expectations, driven by a growing preference for cheaper alternatives to Apple products among consumers. The firm reported revenues of $50.6bn for the first three months of the year, 13% lower from the previous year, while its earnings per share are down 18% to $1.90. Both figures are below the expectations of Wall Street analysts, who had predicted earnings per share of $2 and revenues to hit $52bn. As a result, Apple's shares were on the slide in afte...