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Low iPhone sales two quarters in a row put a damper on Apple revenue, profit

by Associated Press

SAN FRANCISCO Jul 26, 2016 - 12:00 am GMT+3
In this Friday, May 13, 2016, file photo, a man uses his mobile phone near an Apple store in Beijing. (AP Photo)
In this Friday, May 13, 2016, file photo, a man uses his mobile phone near an Apple store in Beijing. (AP Photo)
by Associated Press Jul 26, 2016 12:00 am

Apple said on Tuesday that iPhone sales fell for the second quarter in a row, putting a damper on revenue and profit for the period ending June 30.

The tech giant sold 40.4 million iPhones in the quarter, down 15 percent from a year earlier. Profit fell 27 percent to $7.8 billion, while revenue dropped 15 percent to $42.4 billion.

Apple also sold fewer iPads, Macs and smartwatches. Overall results were slightly better than forecast by Wall Street analysts, who said consumers just aren't as excited about the newest iPhone models.

The one bright spot was a 19 percent revenue jump for the Apple segment that includes iTunes, Apple Music, and the App Store.

Chief Financial Officer Luca Maestri said online services are increasingly important to Apple, since their financial contribution is increasing.

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