10 Things We Learned From Apple's Q2 Financials

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4. The iPhone Is Still King

One of the big worries from analysts was the iPhone's growth rate. Some predicted that iPhone sales for the quarter would experience a year-over-year decline, thanks to heated competition in the smartphone space and lower price points for rival devices.

But, Apple ended up reporting impressive iPhone sales for the second quarter, proving the device is still at the top of its game. Apple said it sold 37.4 million iPhones compared to 35.1 million, a 7 percent increase from the second quarter a year ago.

"We are pleased with our record March quarter revenue and record March quarter iPhone and iPad sales," Peter Oppenheimer, Apple's chief financial officer, said during the call.

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