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Apple Reports Record Revenue for Fiscal Third Quarter; Services, iPhone save the day

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Apple reported a slight increase in iPhone revenue for its fiscal third quarter, as the device generated three-month sales of $40.67 billion, ahead of Wall Street’s estimate of $38.33 billion. This was a 3.2% year-over-year increase compared to the $35.87 billion in iPhone gross that Apple reported for the same quarter last year. The only other division to see an increase was Services, which posted a 12.11% increase in revenue from $17.49 billion reported in last year’s fiscal third quarter to $19.60 billion this year.

The Services unit includes Apple Pay, the App Store, AppleCare, iTunes, iCloud, Apple Music, Apple TV+ and more. It is Apple’s largest business unit after the iPhone.

Demand for tablets slumped as businesses began opening offices again as fears about COVID eased. During the height of the pandemic, consumers forced to work and learn from home began to buy tablets en masse to do their jobs and entertain themselves with games and streaming apps. For its fiscal third quarter, Apple announced revenue of $7.22 billion, down from the $7.37 billion in tablets Apple made in the same quarter in 2021, resulting in a small 2% decline. Still, the results surpassed analysts’ forecast iPad sales of $6.94 billion.

The usually reliable Wearables, Home and Accessories unit was a disappointment. This division, which includes the AirPods and the Apple Watch, raised $8.08 billion, compared to the $8.78 billion it collected in the same quarter last year. That equates to a 7.9% year-on-year decline.

Apple CEO Tim Cook said: “This quarter’s record results are testament to Apple’s constant efforts to innovate, develop new capabilities and enrich the lives of our customers. As always, we lead with our values ​​and express them in everything we do.” what we’re building, from new features designed to protect user privacy and security, to tools that improve accessibility, part of our long-standing commitment to making products for everyone.”

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