Update: Apple Tops Estimates, but Takes Down Sales Guidance

Updated from 4:50 p.m. ET

Apple (AAPL Quote) easily beat analysts' earnings estimates for the second fiscal quarter, but the bottom line fell sharply from the same period a year ago, and the PC maker quietly lowered its revenue projection for the full year.

Apple now expects to generate $3.2 billion to $3.4 billion in revenue in the second half of the fiscal year, and said "we are targeting sequential improvements in both revenues and profits in the June and September quarters.'' ...