Apple Sells 31.2 Million iPhones in Q3, Crushing Estimates

Apple's iPhone business is alive and well.

The Cupertino, Calif.-based company reported selling 31.2 million iPhones in the June quarter, coming in well ahead of Wall Street estimates for about 26 million iPhones. iPad sales, on the other hand, were significantly weaker than expected: Apple reported selling 14.6 million, compared to estimates for sales of 17 million.

Overall, Apple reported earnings per share of $7.47 on revenue of $35.3 billion, coming in slightly ahead of estimates for earnings of $7.34 per share on revenue of $35.1 billion. That said, Apple's revenue was essentially flat year-over-year and profits were down from $9.32 per share a year earlier — the second consecutive quarter of year-over-year declines