SAN FRANCISCO — Apple’s latest quarterly earnings fell 9 percent as more people bought the company’s lower-priced iPhones and iPads.
The company’s fourth-quarter results announced Monday included early sales of the latest iPhones released late last month.
The models, called the 5S and 5C, helped Apple Inc. increase its iPhone sales from the same time last year. But the average price that Apple fetched for its iPhones declined to extend a recent trend that has trimmed the Cupertino, Calif. company’s profit margin and depressed its stock price.
This marks the third consecutive quarter that Apple’s earnings have dropped from the previous year.
Apple earned $7.5 billion, or $8.26 per share, during the three months ending Sept. 28. That compared to income of $8.2 billion, or $8.67 per share, last year.
The latest quarterly earnings topped the average estimate of $7.92 per share among analysts polled by FactSet.
Revenue rose 4 percent to $37.5 billion — about $600 million above analyst predictions.
Investors were hoping for a better showing and, perhaps, a more optimistic forecast for the current quarter, which covers the crucial holiday shopping season. Management forecast revenue ranging from $55 billion to $58 billion in the quarter ending in late December. Analysts had projected revenue of $55.6 billion.
Apple’s stock shed $11.09, or 2 percent, to $518.79 in extended trading after the numbers came out.