SAN FRANCISCO (Reuters) - Apple Inc's quarterly revenue and earnings beat Wall Street's targets on surprisingly strong sales of its flagship iPhone, sending its shares up 4 percent.
But profit slid 22 percent in its fiscal third quarter as margins were pressured by growing competition and a wider array of lower-end devices such as older smartphones.
Apple earned $6.9 billion, or $7.47 a share, on revenue of $35.3 billion. That compared with a profit of $8.8 billion, or $9.32 a share, on revenue of about $35 billion in the year-ago quarter.
Wall Street's average forecast was for revenue of $35.02 billion and earnings per share of $7.32, according to Thomson Reuters I/B/E/S.
(Reporting by Poornima Gupta; Editing by Richard Chang)
Source: http://news.yahoo.com/apple-beats-wall-st-view-shares-4-percent-203539579.html
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