Apple Inc. earns $7.7 billion in third quarter

YEREVAN, July 23. / ARKA /. Apple Inc. posted a smaller-than-expected 6 percent increase in quarterly revenue yesterday, after selling 35.2 million iPhones in an increasingly competitive smartphone market.

The company, which derives most of its business from the high-end mobile device, reported sales of $37.4 billion in its fiscal third quarter, falling short of Wall Street’s expectations for about 38 billion.

Apple earned $7.7 billion, or $1.28 per share, in the three months through June 28.

That was a 12 percent increase from income of $6.9 billion, or $1.07 per share, in the same period last year.

The earnings per share in this year’s quarter exceeded the average estimate of $1.23 per share among analysts surveyed by FactSet.

Revenue rose 6 percent from 2013 to $37.4 billion — about $600 million less than analysts had forecast.

Strong sales of iPhones and Macs fueled the growth, Apple said. -0-