Apple is selling fewer iPhones, but it's making tons of money

The iPhone X wasn't a magic elixir to reinvigorate Apple's iPhone sales, but it wasn't the flop some people were saying it would be.

In Apple's second quarter earnings report, the tech giant saw revenue continue to grow but its key product, the iPhone, fell just short of sales expectations. 

Analysts were predicting 53 million in sales, but this quarter it was a meager 52.2 million. That's a 32 percent drop from the previous quarter, which saw 77.3 million iPhone sales, though there's always a drop-off from the holiday.

It wasn't all bad news, though. Revenue from iPhones was up about $5 billion year-over-year, going from $33 billion to $38 billion, while the number of iPhones sold only increased from 51 million to 52 million — meaning Apple is generating significantly more money per iPhone than it was last year. Read more...