Photo: ReutersSan Francisco: Apple on Tuesday reported a rise in quarterly profits but its shares took a hit from slow-growing revenues and weaker iPhone sales ahead of a 10-year-anniversary model on the horizon. Still, the company contended that iPhone sales were better than it had expected, growing in four of its five top markets and skewing toward large-screen iPhone 7 models that have higher margins of profit. Apple set a new March quarter revenue record in India, growing by double digits. For the second quarter in a row, revenue from Apple services topped $7 billion, the company reported. Sales of other products, which include AirPods wireless ear pieces and Apple Watch, posted a 31% increase in revenue over the prior year.

Source: Mint May 03, 2017 02:37 UTC