Apple’s quarterly profit falls as iPhone sales sputter
SAN FRANCISCO (AP) — Apple’s iPhone sales are still sputtering while the company tries to offset the decline by milking more money from services such as music subscriptions.
The latest downturn announced Tuesday as part of Apple’s latest quarterly results underscores a big challenge for a company that has been riding the smartphone revolution since 2007.
The iPhone’s waning popularity is the main reason Apple’s profit for the April-June period fell 13% to $10 billion.
The good news is Apple has several ways it can still make money from the 900 million iPhones being used today.
The bad news is that Apple gets more than half of its revenue from the iPhone, and the company hasn’t proven it can be as adept peddling digital service as it has been making sleek devices.