Apple's Online Services Still Generate Revenue as iPhone Sales Continue To Fall

Apple announced the financial results for the third quarter (Q3) of its fiscal 2016 year, reporting that the iPhone sales are still dropping, but its online services and mobile apps sales revenue have grown rapidly.

While in the Q2 earning report Apple posted a quarterly revenue of $50.6 billion and quarterly net income of $10.5 billion, or $1.90 per diluted share, for Q3 they announce $1.42 per diluted share, or $7.8 billion in net income, on sales totaling $42.4 billion, which means that their earnings are much lower than those posted in the year-ago quarter.

“We are pleased to report third quarter results that reflect stronger customer demand and business performance than we anticipated at the start of the quarter,” said Tim Cook, Apple’s CEO. “We had a very successful launch of iPhone SE and we’re thrilled by customers’ and developers’ response to softwar… (read more)

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