Apple’s Stock Climbs Despite Drop in iPhone Sales

Apple offset waning iPhone interest by posting stronger-than-expected Mac and Wearables sales when the tech giant reported its third quarter financials on Tuesday afternoon. Wall Street gave an initial thumbs up to the company’s performance, with Apple shares increasing 3% in early after-hours trading. For the three months ending on June 30, representing the company’s third fiscal quarter, Apple reported $53.8 billion in revenue, edging past analyst estimates of $53.3 billion in sales; Apple also posted earnings per share of $2.18, narrowly surpassing projections of $2.10 EPS. Apple’s revenue increased 1% year-over-year. Apple beat revenue expectations despite the decline of its trademark product. The iPhone brought in “only” $26 billion in Q3 revenue — dropping from about $29.5 billion in sales during the same period last year. The company stopped sharing how many iPhones it sold per quarter earlier this year. Apple is expected to unveil a new round of iPhones later this fall, as well as three new models with 5G support in 2020. Also Read: Will Apple News Cannibalize Traditional Media the Way iTunes Did Music Labels? Apple made up for the decline in iPhone sales with strong growth across its other sectors. Wearables, which includes the Apple...