Apple’s Earnings Top Analysts’ Forecasts, but Year-Over-Year Sales … – U.S. News & World Report
Apple’s eked out a slightly higher profit last quarter even though sales dipped during the period, a time during which the iPhone maker became the first publicly held U.S. company in to be valued at $3 trillion.
The results released Thursday covered April through June, the third consecutive quarter that Apple has posted a year-over-year decline in revenue. That’s its longest stretch of falling sales in nearly seven years.
Revenue totaled $81.8 billion, down 1% from last year. Profit edged up by less than 1% from a year ago to $19.9 billion, or $1.26 per share.
The earnings were better than the $1.20 per share projected by analysts polled by FactSet Research, while revenue matched analyst forecasts.
But iPhones sales — the product segment watched most closely by Wall Street — fell 2% from a year ago to $39.7 billion, below analysts’ predictions.
“We continue to face an uneven macroeconomic environment,” Apple CEO Tim Cook told investors during a conference call.
Apple’s stock…
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