Apple Inc plans to cut the price of some of its flagship iPhones for only the second time in the device's 12-year history, pegging its retail value to past prices in local currencies outside the United States instead of the rising U.S. dollar. Daily headlines from the UAE and around the world brought to you by Gulf News. See more at: http://gulfnews.com/videos
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00:00Hello and welcome to Gulf News Daily Business Wrap-up.
00:04This is Hudesh and I'll take your stories that are making headlines today.
00:08There's some good news for potential iPhone buyers.
00:10Yes, Apple plans to cut its prices of iPhones for the second time since 2007.
00:16This is basically to stem the falling sales in iPhone because of higher prices.
00:24Because of a stronger dollar, iPhones are pricier compared to its rivals.
00:28Now on the P&L side, that is profit or loss side, iPhone has made lower than expected
00:34revenues.
00:35Yes, revenues fell by 5% to more than $80.5 billion.
00:41Revenues on the other hand from services such as iTunes or Apple TV rose to an all-time
00:47high of more than $10 billion.
00:50Revenues from Mac and other services like home accessories etc. also reached an all-time
00:56high and registered a 10% growth compared to last year.
01:01In other news, we are following the results of Dubai Islamic Bank.
01:05Dubai Islamic Bank came out with a strong set of numbers registering an 11% rise in
01:10net profit in 2018.
01:13The net profits were at 5 billion dirhams.
01:17Remember that the company also gave out a dividend of 35% to its shareholders.
01:22That's it from me and thanks for watching.
01:23For more, you can log on to gulfnews.com slash business.
01:26I'll see you in the next video.
01:27Take care.