Apple’s earnings show modest growth, but iPhone sales are flat

Apple sold 50.76 million of its iconic iPhones during the first three months of 2017. That helped the company generate $52.9 billion in revenue, a 4.5 percent increase from the same period last year. The number of iPhones snapped up by consumers was essentially flat, shrinking by 1 percent over the second quarter of last year. But the average sale price per smartphone climbed, helping power the company to more than $11 billion in net profit.
When asked about flat iPhone sales, Apple CEO Tim Cook pointed to rumors of a new iPhone 8 with a radical design overhaul as the culprit. “We're seeing what we believe to be a pause in purchases of iPhone, which we believe is due to the earlier and much more frequent reports about future iPhones," he said on an earnings call this afternoon. “That part is clearly going on... We are seeing that in full transparency." [Read more here...]


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