(Reuters) -Apple Inc on Thursday reported quarterly revenue and profit above Wall Street's expectations, with iPhone sales rising and wearables sales slipping less than analysts had feared despite a continuing slump in the consumer electronics market and a cloudy economic outlook. Apple said sales for its fiscal second quarter ended April 1 fell 2.5% to $94.84 billion, better than analyst expectations of a 4.4% decline to $93 billion, according to data from Refinitiv. Apple shares were up 1.6% in after-hours trading.