SAN FRANCISCO – Apple's latest quarterly report confirms the iPhone maker's growth has stalled along with its pace of innovation.
The results announced Tuesday mark the second straight quarter that Apple Inc.'s earnings have fallen from the previous year after a decade of steadily rising profits.
Apple's revenue for the three months ending in June barely budged from last year. That's the smallest revenue increase since the Cupertino, Calif. company unleashed a mobile computing revolution with the iPhone's debut six years ago.
Apple hasn't released another breakthrough product since the iPad came out in 2010.
The company earned $6.9 billion, or $7.47 per share, in its fiscal third quarter, a 22 percent drop from $8.8 billion, or $9.32 per share.
Revenue totaled $35.3 billion versus $35 billion a year ago.