Apple’s latest results look quite brutal at first glance, with a 27% fall in quarterly profits to $7.8 billion, and a 15% slip in revenues to $42.4 billion for Q2. However, Apple CEO Tim Cook has waved off any suggestion of failure by clinging on to the results coming in above the frankly poor expectations, and as a result, Wall Street has bumped up its share price by more than 7% following the earnings release. Wall Street too is in a state of denial. It was well publicized that Apple had a poor start to 2016, with the significant Q1 results marking the first drop in revenues and profits of the iPhone era, and its first ever year-on-year fall for…