Apple reports slumping iPhone sales as global demand weakens

iPhone sales fell 10% compared with the same time period last year, but the company still beat Wall Street's expectations

Apple released its earnings report on Thursday, revealing a drop in overall revenue fueled by slackening iPhone sales.

Earnings exceeded market expectations, however, and Apple's shares rose in after-hours trading. Tim Cook, Apple's chief executive, said in a statement released before the call that Apple is reporting revenue of $90.8bn for the March quarter, including an all-time revenue record in services".