(Telecompaper) Apple has reported a drop in revenues for its fiscal second quarter to March, as economic weakness in some countries and the slower smartphone market dampens sales of its devices. Quarterly revenues fell 13 percent year-on-year to USD 50.6 billion, at the low end of the company's guidance of USD 50-53 billion. Net income dropped to USD 10.5 billion or USD 1.90 per share from USD 13.6 billion or USD 2.33 per share. Apple shipped 51.19 million iPhones in the three months to March, down 16 percent from a year earlier and 32 percent less than in the December quarter. To appease shareholders, the company announced a 10 percent increase in the quarterly dividend and increased its share buyback authorisation to USD 175 billion from USD 140 billion.