Apple's earnings top analysts' forecasts, but year-over-year sales drop for third straight quarter

abcnews.go.com:

Apple eked out slightly higher profit even though sales dipped during its latest quarter

Apple’s eked out a slightly higher profit last quarter even though sales dipped during the period, a showing that may not be enough to sustain investor enthusiasm that recently made the iPhone maker the first publicly held U.S. company to be valued at $3 trillion.

The results released Thursday covered April through June, the third consecutive quarter that the Cupertino, California, company has posted a year-over-year decline in revenue. That’s its longest stretch of falling sales in nearly seven years.

Apple also indicated revenue for the current July through September quarter is expected to decline, despite the anticipated release of the next iPhone. The disappointing forecast, coupled with the lukewarm results for the past quarter, caused Apple's stock to fall 2% in Thursday's extended trading.

If the shares behave similarly during Friday's regular trading session, it will push Apple's market value below the $3 trillion threshold it eclipsed in late June.

Revenue for Apple's most recent quarter totaled $81.8 billion, down 1% from last year. Profit edged up 2% from a year ago to $19.9 billion, or $1.26 per share.

“We continue to face an uneven macroeconomic environment,” Apple CEO Tim Cook told investors during the conference call.

The earnings were better than the $1.20 per share projected by analysts polled by FactSet Research, while revenue matched analyst forecasts.

But iPhones sales — the product segment watched most closely by Wall Street — fell 2% from a year ago to $39.7 billion, below analysts' predictions.

“Investors appear to be reacting to the slight miss in iPhone sales, but I wouldn’t read too much into it as many