Apple Posts First Profit Decline in a Decade

Apple beat Wall Street's estimates for revenue and sales of the iPhone and iPad in the March quarter, but the company's profits declined year-over-year for the first time in a decade.

Apple sold 37.4 million iPhones and 19.5 million iPads, surpassing analysts' estimates by about 1 million on both fronts. Those device sales helped Apple bring in $43.6 billion in revenue for the quarter, beating the consensus estimate of $42.6 billion and setting a new record for March quarter revenues.

"We are pleased to report record March quarter revenue thanks to continued strong performance of iPhone and iPad," said Tim Cook, Apple’s CEO, in a statement. "Our teams are hard at work on some amazing new hardware, software, and services and we are very excited about the products in our pipeline." Read more...