News Summary: Apple's 3Q underscores challenges

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Associated Press

Posted on July 23, 2013 at 9:04 PM

Updated Tuesday, Jul 23 at 9:07 PM

STALLING GROWTH: Apple's latest quarterly report released Tuesday illustrated the challenges facing the iPhone and iPad maker as it faces stiffening competition in the mobile computing market. The company's earnings fell for the second straight quarter after a decade of uninterrupted increases. Revenue barely budged from last year, the first time that's happened since the 2007 debut of the iPhone.

BARGAIN HUNTING: The fiscal third-quarter results reflected increase sales of older, less expensive models of the iPhone instead of the latest version. That phenomenon lowers Apple's profit margin and total revenue.

BRACING FOR WORSE: The key numbers were better than analysts anticipated, lifting Apple's slumping stock by 4 percent.

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