Apple's profit falls for first time in nearly a decade

SAN FRANCISCO — Apple reported Tuesday that its quarterly profit dipped for the first time in nearly a decade as it squeezed less money from its champions in the competitive smartphone and tablet markets.

The maker of iPhones, iPads, iPods, and Macintosh computers swiftly stepped in to bolster its stock price by announcing a plan to more than double to $100 billion the amount it will spend to buy back its stock and pay out dividends.

Apple raised a coming stock dividend by 15% to $3.05 per common.

The California-based company posted a profit of $9.5 billion on revenue of $43.6 billion in the first three months of this year, compared to a profit of $11.6 billion on $39.2 billion in the same quarter in 2012.

It said its gross margin, or the amount of money it makes in profit from its devices, shrank to 37.5% from 47.5%.