It comes as consumers tighten their spending on smartphones amid looming recession fears

Apple’s revenue has dropped three per cent for the first three months of the year.

It comes as consumers tighten their spending on smartphones amid looming recession fears.

The company’s revenue was slightly better than what Wall Street had expected at $94.8 billion.

Apple CEO Tim Cook says the tech giant set a fiscal second-quarter record for iPhone sales, thanks to picking up new users in markets such as India.

Meanwhile, the sales of Macs are falling sharply and iPad revenue slipped.

Apple’s biggest growth segment was its services business, with products such as iCloud and Apple Pay.

Shares in Apple were modestly higher in after hours trading.