Apple beats iPhone estimates, but revenues, profits falter

Apple reported a mixed bag Tuesday as iPhone shipments rose by 20%, to 31.2 million units, from a year ago even as the company reported a 14% drop in iPad sales, flat revenues and a 22% decline in profits. Even with the good iPhone news, Apple said the average sales price dropped by $32 from the previous quarter as customers sought out cheaper models. Apple said little about introducing new products other than Chief Financial Officer Peter Oppenheimer's comment that the company "will have a very busy fall."

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