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Apple agony continues with $708m loss

Apple yesterday expressed hopes its financial torment has reached the basement after announcing more stinging losses.

The Californian company made a $708 million net loss, incorporating a $186 million operating loss. Revenues were down from $2.2 billion to $1.6 billion.

"The worst is behind us," said Gil Amelio, chairman and CEO. Amelio added that he still hopes to make the firm profitable again within two quarters.