Apple's new reality: Lower profits despite soaring device sales

Apple sold about 10 million more iPhone and iPads in its second quarter compared with the same period in 2012, but it suffered its first decline in profits in 10 years, partly due to the surging demand for lower-priced devices such as the iPad Mini. The company also revealed plans to return $100 billion to investors -- more than double its earlier intent -- in the way of higher dividends and stock repurchases by the end of 2015. CEO Tim Cook touted "exciting new product categories" but suggested the company will not launch any new devices until later this year. Cook also professed skepticism over selling so-called phablets, saying rivals "made some significant trade-offs ... in order to ship a larger display."

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