Apple’s 3Q earnings sag but top estimates
Apple’s latest quarterly report confirms the iPhone maker’s growth has stalled with its pace of innovation.
The results announced Tuesday mark the second- straight quarter that Apple Inc.’s earnings have fallen from the previous year after a decade of rising profits. The company earned $6.9 billion, or $7.47 per share, in its fiscal third quarter, a 22 percent drop from $8.8 billion, or $9.32 per share.
However, Apple fared better than analysts anticipated. That helped lift Apple’s stock by $22.01, or more than 5 per- cent, to $441 in extended trading after the financial results came out. The shares remain down by more than 35 percent since the latest model of the iPhone came out 10 months ago.
Apple’s revenue for the three months ending June 29 barely budged from last year. That’s the smallest revenue increase since the company unleashed a mobile com-puting revolution with the iPhone’s debut six years ago.
Apple hasn’t released another breakthrough product since the iPad came out three years ago, raising concerns the company has lost its touch since the October 2011 death of founder Steve Jobs.