Apple earnings sag as consumers wait for new iPhone

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By: CBS News
July 27, 2016

CUPERTINO, Calif. (CBS News) -- Apple (AAPL) could really use a shiny new iPhone.

For its latest quarter, the technology giant on Tuesday reported net income of $10.7 billion, or $1.42 per share, down 27 percent from the year-ago period, while revenue fell nearly 15 percent to $42.4 billion. Although those earnings modestly beat Wall Street forecasts, the results highlight the dwindling sales of the iPhone, Apple's most profitable product, as consumers await the iPhone 7 later this year.

Apple shipped 40.4 million iPhones, down 21 percent from the year-earlier period, topping the 40 million figure Wall Street analysts had expected. The devices account for roughly 60 percent of Apple's revenue.

Apple (AAPL) could really use a shiny new iPhone.

For its latest quarter, the technology giant on Tuesday reported net income of $10.7 billion, or $1.42 per share, down 27 percent from the year-ago period, while revenue fell nearly 15 percent to $42.4 billion. Although those earnings modestly beat Wall Street forecasts, the results highlight the dwindling sales of the iPhone, Apple's most profitable product, as consumers await the iPhone 7 later this year.

Apple shipped 40.4 million iPhones, down 21 percent from the year-earlier period, topping the 40 million figure Wall Street analysts had expected. The devices account for roughly 60 percent of Apple's revenue.



 
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