SAN FRANCISCO (AP) — Apple’s latest quarterly earnings fell 9 percent as more people bought the company’s lower-priced iPhones and iPads.
The company’s fourth-quarter results announced Monday included early sales of the latest iPhones released late last month.
The models, called the 5S and 5C, helped Apple Inc. increase its iPhone sales from the same time last year. But the average price that Apple fetched for its iPhones declined to extend a recent trend that has trimmed the Cupertino, Calif., company’s profit margin and depressed its stock price.
This marks the third consecutive quarter that Apple’s earnings have dropped from the previous year.
Apple earned $7.5 billion, or $8.26 per share, in the quarter. That compared to income of $8.2 billion, or $8.67 per share, last year.
Revenue rose 4 percent to $37.5 billion.