Apple is coming under increasing pressure to retain its reputation as one of the world's leading innovators after reporting its first fall in profits in a decade.
Second quarter profits for the technology company were down £1.38 billion from the same time last year. Analysts say the announcement of £6.27 billion profit could have been worse, but the next 12 months will prove crucial.
Tim Cook, Apple's chief executive officer, remained defiant, saying:
Apple is however finally opening the doors to its bank vault, saying it will distribute £65 billion in cash to its shareholders over two years.
Investors have been clamouring for Apple to give them access to its cash hoard, which ended March at an unprecedented £95 billion. Apple's tight grip on its cash has been blamed for the steep decline in its stock price over the winter.
The company has faced continued pressure from Wall Street over the use of its cash, which earns less than 1% in interest. Investors reason that if the company has no good use for the money, it should be handed over to shareholders.