Expectations are building ahead of Apple's 10th-anniversary iPhone range this fall, with investors hoping that the launch would help bolster sales, Reuters says.
Apple typically launches its new iPhones in September.
A big jump in sales usually follows in the holiday quarter, before demand tapers over the next few quarters as customers hold back ahead of the next launch.
Apple's 10th-anniversary iPhone range might sport features such as wireless charging, 3-D facial recognition and a curved display.
"There is a general softening in phone demand to contend with as well as expectations of a big upgrade, all of which softens the blow of this quarter's miss," said James McQuivey, a Forrester Research analyst. "If we see Apple downplaying expectations before the next upgrade cycle, it might mean that the company isn't confident it will beat those expectations."
The company forecast total revenue of between $43.5 billion and $45.5 billion for the current quarter, while analysts on average were expecting $45.60 billion, according to Thomson Reuters I/B/E/S.
Analysts on average expect the company to sell 42.31 million iPhones in the current quarter, according to FactSet.
For the second quarter, the company's net income rose to $11.03 billion, or $2.10 per share, compared with $10.52 billion, or $1.90 per share, a year earlier.
Analysts on average had expected $2.02 per share, according to Thomson Reuters I/B/E/S.
Revenue rose 4.6 percent to $52.90 billion in the quarter, compared with analysts' average estimate of $53.02 billion.
A 17.5 percent jump in the company's services business – which includes the App Store, Apple Music, Apple Pay and iCloud – to $7.04 billion, boosted revenue.
"We are particularly encouraged by the fact that service revenue is nowhere near as cyclical as product revenue," Neil Saunders, Managing Director of GlobalData Retail, wrote in a note to clients.
Apple's revenue from the Greater China region fell 14.1 percent to $10.73 billion in the quarter, as cheaper rivals in the region chipped away at sales.
