Apple's 2Q profit at $11B; iPhone sales slip

Speaking on CNBC's Mad Money on Wednesday, Cook boasted that Apple has already created 2 million jobs in America and said the company has plans to hire "thousands more employees in the future". The results beat analysts' estimates of selling 42.31 million iPhones. Though the company could generate year-over-year revenue growth from most of the regions, it suffered a setback in Greater China where it suffered 14 percent drop in revenue.

Apple CEO Tim Cook on Tuesday said that the company is strengthening its local presence in India; and that it considers India a huge market.

Garcha said that while this earnings report was just "OK" there were some bright spots including the App Store and Apple Services.

Apple's iPhone sales fell year-on-year, with the upcoming release of the iPhone 8 possibly to blame.

Apple, which earlier listed India among the markets where it was registering growth rates of over 20 per cent, said they had set a new March quarter record for India, where revenue grew in strong double digits.

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Analyst Ipek Ozkardeskaya from London Capital Group said that increased competition was having an effect on Apple's quarterly figures.

Looking forward to the third quarter, Apple expects revenue between $43.5 billion and $45.5 billion. Profit was $11.03 billion, which is up from $10.5 billion previous year. With sales slowing for Apple in the USA and China, investors are looking to see if growth in India can compensate for this.

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

In its latest earnings call, Apple reported that it hold sold 50.8 million units in the first quarter of this year. Other services such as Digital Content and Services, AppleCare, Apple Pay earned $7 billion, which comprised 18% of revenue. "And so that and the demographics of the country is why we're putting so much energy there", Cook added. Apple sold 4.19 million Macs during Q4, up four per cent on the 4.03 million sold in Q2 2016.

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