Apple's earnings top analysts' forecasts, but year-over-year sales drop for a third time

Apple’s eked out a slightly higher profit last quarter even though sales dipped during the period, a time during which the iPhone maker became the first publicly held company in the U.S. to be valued at $3 trillion. 

The results released Thursday covered April through June, the third consecutive quarter that Apple has posted a year-over-year decline in revenue. That’s its longest stretch of declining sales in nearly seven years. 

Revenue totaled $81.8 billion, down 1% from last year. Profit edged up by less than 1% from a year ago to $19.9 billion, or $1.26 per share. 

The earnings were better than the $1.20 per share projected by analysts polled by FactSet Research, while revenue matched analyst forecasts.