MarketWatch First Take: Apple earnings were saved by the company’s new MVP

Apple Inc. earnings suffered from disappointing iPhone sales, but the world’s most valuable company was saved by its once-future, now-current growth engine.

Apple AAPL, +2.32%reported fiscal second-quarter earnings that were better than Wall Street had expected Tuesday afternoon. Those results included disappointing revenue and unit shipments for the iPhone, Apple’s biggest selling product, as some analysts had predicted.

Apple was saved by its software and services segment, the money Apple takes in from app purchases and subscriptions made through the App Store as well as Apple’s own services like Apple Music, iCloud and Apple Pay. Apple revenue in that category grew 31% year-over-year to $9.19 billion, far better than the $8.38 billion in revenue that analysts had forecast, according to FactSet.

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