Asian stocks edged up early on Wednesday following a relatively upbeat session overnight for U.S. and European stocks, with caution ahead of the Federal Reserve's policy decision capping gains. The safe-haven yen sat atop large gains as hopes for a large fiscal stimulus package out of Japan faded. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 percent.
Apple Inc sold more iPhones than Wall Street expected in the third quarter and estimated its revenue in the current period would top many analysts' targets, soothing fears that demand for the company's most important product had hit a wall. IPhone sales dropped for the second straight quarter, pushing down Apple's total revenue 14.6 percent in the fiscal third quarter, ended June 25. Demand for Apple's phones has waned in China, partly because of economic uncertainty there, and has also slowed in more mature markets as people tend to hold on to their phones for longer.
By Yasmeen Abutaleb and Rishika Sadam SAN FRANCISCO/BENGALURU (Reuters) - Twitter Inc reported its slowest growth in quarterly revenue since going public in 2013 and frustrated investors yet again with a disappointing outlook for the current quarter. The microblogging service operator's shares fell 10 percent in extended trading with investors concerned about its expansion and role in the social media landscape as it faces intense competition from fast-growing competitors like Snapchat and Instagram. The company's second quarter revenue missed Wall Street estimates and the revenue forecast for the current quarter of $590 million to $610 million was well below the average analyst estimate of $678.18 million.