Apple’s Profit Slips 13% as iPhone Sales Continue to Slump

Apple's revenue rose as the tech giant offset a decline in iPhone sales with growth in other areas. Shares rose 4% after hours.

Apple Inc. said its quarterly profit fell 13% as the tech titan continued to grapple with a slumping iPhone business and an economic slowdown in China.

Revenue edged up 1% to $53.81 billion for the three months ended June 29, an improvement from the revenue declines of the past two quarters, while profit slid to $10.04 billion from a year ago, Apple said Tuesday.

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