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Apple earnings top estimates, stock gains


Apple reported that its net income had fallen 13 percent and that its revenue rose 1 percent in the latest quarter, with iPhone sales continuing to decline for three straight quarters.

The company reported better-than-expected results for its fiscal third quarter ended June 30, shares rose 4.7% in afterhours trading on Tuesday

Stocks impacted: Apple Inc. (AAPL)

Meanwhile, its forecast for fourth-quarter sales topped expectations, with CEO Tim Cook said that a “marked improvement in greater China” drove the results. Apple said it expects revenue for the current fiscal fourth quarter of between $61bn and $64bn. Services revenue in the fiscal third quarter rose 12.6% to $11.46bn. IPhone sales fell 12% to $25.99bn, nearly in line with expectations of $25.96bn. China sales fell 4% to $9.16bn, after declining 22% in the fiscal second quarter. By the way, the company’s market share in China declined to 5.8% from 6.4%. Shares rose by nearly 5% on the report.

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