Apple Sales Decline as Smartphone Market Remains Challenged

Apple said quarterly sales fell slightly as the iPhone maker faces declining smartphone demand and new competition in China.

Apple sales were $89.5 billion, down less than 1% from the year-ago period and slightly beating analyst estimates of $89.3 billion, according to FactSet. The company’s net income increased 10.8% to $22.95 billion, compared with the $21.8 billion analysts projected.