Apple's quarterly sales fall, but forecast calls for gains

In this Tuesday, Oct. 4, 2011 file photo and Apple logo is seen during an announcement at Apple headquarters in Cupertino, Calif. (AP Photo/Paul Sakuma, file)

Apple says it sold 45.5 million iPhones in the last quarter, 5 percent fewer than it sold a year earlier. But the giant tech company's rosy forecast for the holidays was better than what Wall Street had been expecting.

Apple reported Tuesday that its revenue declined 9 percent to $46.8 billion for the quarter that ended last month. Profit fell 19 percent to $9 billion.

The results are a reflection of lukewarm interest in last year's iPhone models. Apple released two new models, the iPhone 7 and 7 Plus, just two weeks before the quarter ended.

Apple is forecasting a return to sales growth in the three months ending December, after three quarterly declines. Analysts say that's a good indicator for 2017. The holiday quarter is traditionally Apple's biggest.
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