Apple Earnings Sag on Lower iPhone Price Points

Apple on Tuesday reported lower earnings in the third-quarter as the global saturation of smartphones continued to put pressure on its core iPhone business. However, officials remained upbeat. The company reported stronger-than-expected metrics and has been able to grow its software and services business while expanding into key overseas markets. Apple reported net income of $7.8 billion, or $1.42 a share, in the third quarter, compared with 10.7 billion a year ago. Revenue fell to $42.4 billion, compared with $49.6 billion a year ago.