July 22, 2014 / 8:35 PM / in 3 years

Apple revenue lags Street forecasts

SAN FRANCISCO, July 22 (Reuters) - Apple Inc posted a worse-than-expected 6 percent rise in quarterly revenue on Tuesday, after selling 35.2 million iPhones into an increasingly competitive smartphone market.

The company, which derives the majority of its business from its high-end mobile device, reported sales of $37.4 billion in its fiscal third quarter ended June, falling short of Wall Street’s expectation for about $38 billion. (Reporting by Edwin Chan and Christina Farr; Editing by Richard Chang)

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