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July 27, 2016 02:00 am

Apple Q3 Earnings: iPhone Sales Continue To Slide, But Apple Beats Estimates

An anonymous reader quotes a report from BGR: Apple on Tuesday announced fiscal third-quarter earnings of $1.42 per share, or $7.8 billion in net income, on sales totaling $42.4 billion. That compares to a net profit of $1.85 per share in the same quarter last year, while revenue slid from the Q3 record of $49.6 billion that Apple set in fiscal 2015. Ahead of Apple's report, analysts were expecting EPS to come in at $1.39 while revenue was seen dropping to $42.1 billion, right in the middle of Apple's guidance of between $41 billion and $43 billion. iPhone sales in fiscal Q3 2016 totaled 40.4 million units, down from the 47.5 million iPhones the company sold during the June quarter last year, which was also a third-quarter record. Wall Street's consensus for this past quarter was 40 million units. The company said it expects between $45.5 billion and $47.5 billion in sales for the fiscal fourth quarter. The only part of Apple's business that's really growing is its mobile apps and online services. The company reported a 19 percent sales jump for the segment that includes iTunes, Apple Music, the App Store and services like Apple Pay and iCloud storage. "That segment produced nearly $6 billion in sales -- more than Apple pulled in from quarterly sales of either iPad or Macs," reports ABC News.

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