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    Apple, Samsung Report Drop in Quarterly Profit

    Despite a 12 percent year-on-year dip in iPhone sales, the Cupertino-based company posted a 1 percent revenue boost last quarter. But profits slid 13 percent, a trend mirrored in a much greater degree at Samsung — where operating profit sank more than 55 percent last quarter thanks to lower memory chip prices. While the news sent the South Korean company’s shares tumbling, Apple beat analysts’ expectations by hitting per-share earnings of $2.18.

    What’s next for these giants? With consumers clinging to their smartphones longer, Apple is launching better deals for trade-ins and focusing more on services, while Samsung will contend with a supply glut in the semiconductor industry.

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