Apple announces their Q2 2017 financial earnings, reporting $11 billion in profit

Apple's iPhone sales have encountered a bottleneck in China due to fierce competition from local brands.

He said: "This is a very mixed report for Apple in terms of results".

Apple, the company with the greatest stock market capitalization in the United States, on Tuesday reported that in the second quarter of its fiscal year ending on April. 1, 50.76 million units of the iPhone were sold, generating revenues of $33.249 billion.

Many analysts anticipate that the company will deliver a completely redesigned iPhone later this year.

Investors were unmoved, sending shares of the world's most valuable listed company down 1.9 per cent at $144.65 in after-hours trading.

Speaking about the lower iPhone sales, Apple CEO Tim Cook told CNBC, "We are seeing a kind of delay in purchasing behavior that we think is a effect of the number of rumors and reports about future products". Apple's services business was the highlight, with revenue from the unit growing 18% year on year to $7.04 billion.

The quarterly profits of Apple were $11 billion worldwide, up 4.9 per cent from the same period in 2016.

Analysts on average had estimated iPhone sales of 52.27 million, according to financial data and analytics firm FactSet.

Apple doesn't have the iPad to thank, as sales of the tablet continued to plummet.

"By doing that, we can be the ripple in the pond", Cook explained on CNBC's "Mad Money". The company also plans to bring Apple stores to India, Cook confirmed. While the latest numbers are comparatively higher than last year's revenue of $50.6 billion, they are slightly lower than what Wall Street expected in its earnings report, leading to a slight drop after its stock.

Mr Maestri said that, during the period, Apple actually cut inventory going through its retail channel by approximately 1.2 million phones, so on a sell-through basis, it sold about 52 million units. And so we're putting a lot of energy in, just like we have in other geos (geographies) that eventually wound up producing more and more.

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