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Apple beats Wall Street iPhone sales outlook

Video Credit: Reuters Studio - Duration: 01:48s - Published < > Embed
Apple beats Wall Street iPhone sales outlook

Apple beats Wall Street iPhone sales outlook

Apple's quarterly profit and revenue beat Wall Street targets on Tuesday and its forecast for fourth-quarter sales topped expectations as well, with Chief Executive Tim Cook telling Reuters that "marked improvement in greater China" drove the results.

Jane Lanhee Lee reports.

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Apple beats Wall Street iPhone sales outlook

The iPhone, once Apple's star product, faced its third quarterly decline on Tuesday.

Apple said iPhone sales fell by 12% in the latest quarter ending in June, compared with the same period last year.

Still that's slightly better than Wall Street expected.

Reuters Stephen Nellis spoke to Apple CEO Tim Cook about the earnings.

SOUNDBITE: STEPHEN NELLIS, REUTERS CORRESPONDENT, saying: "Apple's primary goal with the iPhone is to make sure that installed base which in January was 900 million iPhones continues to grow, so that Apple can sell those folks services or other devices and Cook told us that that installed base did grow even in China." Apple has been pushing its services business, including Apple TV and Apple Music to make up for the drop in revenue from iPhone sales.

But in the latest quarter reported, revenue from services rose 12.6% slightly missing analysts expectations.

SOUNDBITE: STEPHEN NELLIS, REUTERS CORRESPONDENT, saying: "What Tim Cook told us is that there were two things factoring into that.

The first was that there was a one time payment a year ago that resulted from the favorable settlement of a lawsuit.

But more importantly he said there was about a 3 percent impact from foreign exchange rates.

So without that impact Tim Cook said that the growth rate on services would have been about 18 percent." Apple reported results as U.S. and Chinese trade negotiators met in Shanghai.

Apple's most important products such as the iPhone are primarily made in China but so far have avoided tariffs although they could get hit if Trump expands the penalties to cover all imports from China, as he has threatened to do.

Despite Apple's struggle with the iPhone, the company's shares are up over 30% this year.



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