#Apple profit drops 11%, but iPhone escapes economic slump
“Apple profit drops 11%, but iPhone escapes economic slump” Apple on Thursday reported profit and sales that beat Wall Street expectations, navigating parts shortages better than predicted and benefiting from unceasing demand for iPhones even as inflation has consumers tightening other spending. Apple said sales and profit for the quarter ended June 25 were $83 billion and $1.20 per share, above estimates of $82.8 billion…