Apple’s iPhone slump got worse. Quarterly profit plunged by 27% and revenue was down by 14.6% as smartphone sales slowed, especially in China. But the results weren’t quite as ugly as Wall Street expected, sending Apple shares higher in after-hours trading.
The world’s most valuable publicly traded company said it sold 40.4 million iPhones in the third quarter, down 15 percent from the year-ago quarter but slightly more than the average analyst forecast of 40.02 million, according to research firm FactSet StreetAccount.