SAN FRANCISCO -- Apple's latest quarterly report confirms the iPhone maker's growth has stalled.
The results announced Tuesday mark the second straight quarter Apple Inc.'s earnings have fallen from the previous year after a decade of steadily rising profits.
Despite the ongoing erosion, Apple fared slightly better than analysts anticipated. That helped lift Apple's stock by $22.01, or more than five per cent, to $441 in extended trading after the financial results came out. The shares remain down by more than 35 per cent since the latest model of the iPhone came out 10 months ago.
Apple's revenue for the three months ending June 29 barely budged from last year. That's the smallest revenue increase since the company unleashed a mobile-computing revolution with the iPhone's debut six years ago.
Apple hasn't released another breakthrough product since the iPad three years ago, raising concerns the company has lost its touch since the 2011 death of founder Steve Jobs. The company earned $6.9 billion, or $7.47 per share, in its fiscal third quarter, a 22 per cent drop from $8.8 billion, or $9.32 per share.
-- The Associated Press