From InfoWorld: Apple recorded its third consecutive quarter of lower revenue as it fought lower demand for the iPhone and tough competition from lower-priced competitors.
Revenue in the quarter, between July and September, was $46.9 billion, down 9 percent on the same period last year and exactly in line with analyst estimates. Net income came in at $9 billion, down 19 percent, the company said Tuesday.
Apple CEO Tim Cook called the results "strong" and said he was "thrilled with the customer response to iPhone 7, iPhone 7 Plus, and Apple Watch Series 2, as well as the incredible momentum of our Services business."
But amid the falling sales and profits, signs of a turnaround on the horizon.
Apple said the current quarter, which includes the key year-end sales period, will be better than analysts had been predicting. It expects revenue to be between $76 billion and $78 billion. If that comes true, it would also represent a hike in revenue on a year-over-year basis, returning the company back to positive growth.
Apple sold 45.5 million iPhones between July and September, down from the 48 million phones sold during the same period in 2015 and slightly ahead of analyst estimates of 45 million units. Revenue from iPhone sales fell 13 percent.
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