SAN FRANCISCO - Apple's quarterly profit slumped on a widely expected drop in iPhone sales, but gains in services offered some optimism on its move to ease dependence on its smartphone. Chief executive Tim Cook welcomed what he called "our strong September quarter results," saying they "cap a very successful fiscal 2016 for Apple." The more consumers use Apple applications and services, "the less likely they will switch to a rival," Gillett said. While iPhone sales accounted for more than half of revenues, services revenue grew to $6.3 billion as the company expanded services such as Apple Pay and its enterprise offerings. Still, Apple "had a banner quarter in services" which is a positive sign, according to the analyst.

Source: Bangkok Post October 25, 2016 21:45 UTC