Apple Earnings Fall on iPhone Slump

Apple Earnings Fall on iPhone Slump

Revenue fell for a second straight quarter, along with sales of its flagship smartphone, which is awaiting an expected refresh in September.

Its current models have failed to meet the booming sales of its first batch of large-screen iPhones, sapped by sluggish growth in the smartphone market, cooling demand in China and customers holding on to handsets for longer periods because of changes in carrier contracts.

Apple said net income was $7.8 billion in the fiscal third quarter that ended June 25, down from $10.68 billion in the year-ago period.

Revenue declined 14.6% to $42.36 billion from $49.6 billion a year earlier.

Shares, though, rose 6.5% to $102.96 in after-hours trading as results beat expectations and Apple gave an upbeat revenue outlook for the current quarter.

Analysts polled by Thomson Reuters had estimated that Apple would post earnings of $1.38 a share on revenue of $42.1 billion in the June period.

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