Apple’s business is being tested by ongoing weakening of its iPhone sales.
In the most recent quarter, iPhone sales dropped to $33.4bn (£25.9bn), down almost 10% year-on-year.
The fall extended a streak of declines and hit the firm’s profits in the quarter, which slipped about 3% year-on-year to $13.7bn.
The firm’s profit and revenue for the full financial year also fell for the first time since 2016, weighed down by the iPhone results.
In a presentation after the firm released its earnings, Apple boss Tim Cook hastened to reassure investors that the declines in iPhone sales are slowing, thanks to the popularity of the firm’s latest model, the iPhone 11.
“It’s early but the trends look very good,” he said. “We are bullish.”
Mr Cook added that the firm’s other businesses were healthy – sales of wearables, such as earphones and watches, surged by more than 50%, while services revenue, which includes Apple Pay and the app store, jumped 18% year-on-year.
That lifted quarterly revenue to $64bn (£49.6bn), up 2% year-on-year.
Mr Cook has been working to make Apple’s business less reliant on its phones, with new subscription services for news and television, among other offerings, but iPhones still account for a majority of sales.
Mr Cook said his optimism about the iPhone 11’s appeal is reflected in Apple’s relatively bright forecast for the upcoming quarter, which includes the festive season – typically a time that sees many hardware purchases.
The firm said it expected revenue growth in the quarter of as much as 6%, above analysts’ expectations.
Daniel Ives, analyst at Wedbush Securities, said Apple also impressed investors with the resilience of its performance in its Greater China region, which accounts for nearly 20% of its business. Sales there declined less than 3%.
On a call with investors, Mr Cook predicted additional growth in the region and expressed confidence that the US and China would reach an agreement that would avoid additional tariffs.
“The tone, I think, has changed significantly,” he said.
45,000 registered rice farmers across 34 local government areas of Katsina would benefit from Federal Government’s anchor borrower agricultural programme under the current farming season in Katsina State
Alhaji Shuaibu Wakili, the State Chairman of the Rice Farrmers Association (RIFAN) made this known in an interview with the News Agency of Nigeria (NAN) in Daura on Saturday.
He said out of the total number, 15,800 farmers had been formally captured as distribution of the agricultural inputs had commenced last Friday and others to follow soon.
He said the farmers were provided with inputs that included fertilizer, water pumping machines, herbicides, sprayers, improved variety of seedlings and other relevant items to boost their productivity.
He added that the number of cultivable land hecter registered against an individual farmer or group would determine the quantity of the inputs to be received.
“We provide 6 bags of fertilizer per hecter, 30kg of improved seedlings, 1 water pumping machine and seven liters of herbicides, ” he said.
According to him, the association has so far received 700 million naira cash and 3,227 bags of paddy rice as loan repayment for the 2018 dry season farming.
He also revealed that they were intensifying efforts to recover the loans so tbat others could benefit.
He stressed that his office through lawyers had recently started issuing demand notice to defaulting farmers to hasten up or risk formal prosecution in the law.
Wakili lauded the efforts of the Federal Government and the Central Bank of Nigeria (CBN) for introducing the programme.
He said within its three years of existence, it had boosted food security, generated millions of employment and turned thousands of farmers into millionaires.
He attributed the success recorded by the programme to the timely supply of agricultural inputs to farmers by the apex bank.