IPhone sales dropped for the second straight quarter, and Apple's total revenue fell 14.6 per cent in the fiscal third quarter, ended June 25. Apple reduced channel inventory by $3.6 billion US, exceeding the $2 billion expected reduction, meaning sales were better than they appeared, Maestri said. The forecast, covering the quarter ending September, will likely include at least the first weekend of sales of the iPhone 7 range, which Apple is expected to launch in September. Sales of the iPhone fell last quarter for the first time since the gadget's release in 2007, dropping 16.3 per cent. As iPhone sales level off, Apple is attempting to wring more revenue out of its existing base of users by emphasizing services such as the App Store, Apple Music, storage center iCloud and mobile wallet Apple Pay.

Source: CBC News July 26, 2016 20:55 UTC