The company projected that it would make $60 billion to $62 billion next quarter, exceeding analysts' expectations of $59.6 billion. Apple, which makes about 56 percent of its revenue from the iPhone, has had to deal with slowing sales growth for its biggest product. Its mobile unit reported a 22 percent drop in sales revenue to $20.2 billion compared with the same time last year. “Our Q3 results were driven by continued strong sales of iPhone, Services and Wearables,” chief executive Tim Cook said in a statement. Samsung and Apple have countered slowing sales growth by offering more expensive phones, which deliver greater profits.

Source: Washington Post July 31, 2018 21:18 UTC