iPhone, iPad Sales Decline Sharply
For the second quarter in a row, Apple's revenue and net income fell. The company reported $42.36 billion in revenue, a 15 percent decline year-over-year, and net income sank to $7.8 billion from $10.7 billion a year ago. Still, those numbers beat most analyst expectations, which was good for the company.
Falling device sales contributed significantly to the earnings declines. iPhone sales were down 15 percent, iPad sales fell 9 percent, and Mac sales were off 11 percent. However, the mobile development industry contributed to one bright spot in the report: App Store revenue "was the highest ever, as our installed base continued to grow and transacting customers hit an all-time record," Luca Maestri, Apple's chief financial officer, said. The company's services business also rose, growing by 19 percent year-over-year.