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Apple said Tuesday that profits in the past quarter dropped amid falling iPhone sales, but the results were above Wall Street expectations and sent shares sharply higher.
The California tech giant reported a 16 percent drop in profits in the just-ended quarter to $11.6 billion, as overall revenues dipped five percent to $58 billion.
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Apple shares rallied more than five percent in after-hours trade, with the results showing better-than-anticipated results from its new products and services in the fiscal second quarter to March 30.
"Our March quarter results show the continued strength of our installed base of over 1.4 billion active devices, as we set an all-time record for services, and the strong momentum of our wearables, home and accessories category, which...
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