Apple reported a slight increase in iPhone revenue for its fiscal third quarter as the device generated revenue of $40.67 billion in three months, 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 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 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 fell as companies started opening offices again as fears about COVID subsided. During the height of the pandemic, consumers forced to work from home and learn 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, has raised $8.08 billion, compared to $8.78 billion raised 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 are 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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