Apple has reported its second straight quarter of falling iPhone sales, hit by stiff competition in China and the ongoing slowdown in the worldwide smartphone market.

The company sold 40.4 million iPhones from April to June, down from 47.5 million in the same quarter last year, Apple announced Tuesday.

Revenue for the quarter, the third of its fiscal year, was $42.4 billion, down 17 percent from $49.6 billion a year earlier. Its net profit fell 27 percent to $7.8 billion. 

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