Apple profit drops 27%; App Store sales at record high
Apple on Tuesday reported a 27.1% year-on-year decline in net income to $7.8 billion for the quarter ended June. Quarterly revenue dropped by 14.5% to $42.4 billion. While iPhone sales fell to 40.4 million units from 47.5 million units in the year-ago period, sales from services grew by 19% year-on-year, as revenue from the App Store hit an all-time high.