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Apple Revenue Falls Amid Slump in iPhone Sales

Apple shares slumped by as much as 2.5% lower during after-hours trading on Thursday night following the release of the company’s second-quarter financial results.

The tech giant’s revenue for the three months ending June declined by 1.5% amid a third quarterly decline in iPhone sales. iPhones account for about half of Apple’s total revenue.

Revenue for the quarter came to $81.80 billion, narrowly edging out Wall Street estimates of $81.55 billion. Adjusted earnings per share were $1.26, ahead of analysts’ forecasts of $1.20.

In addition to iPhone sales, those for Mac computers were also on the decline. Company CFO Luca Maestri revealed that Apple expects sales for both devices to continue to decline by double digits from last year.

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