Apple reports record revenue for fiscal third quarter; Services, iPhone save the day

Apple reported a slight increase in iPhone revenue for the fiscal third-quarter as the device generated $40.67 billion in revenue over the three-months. This was a 3.2% year-over-increase compared to the $35.87 billion in iPhone gross that Apple reported for the same quarter last year. The only other division that showed an increase was Services which showed a 12.11% increase in revenue from the $17.49 billion reported during last year’s fiscal third quarter to $19.60 billion announced this year.

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

Tablet demand decreased as businesses started opening up offices again as fear over COVID waned. During the height of the pandemic, consumers forced to work and learn from home started buying tablets en masse to do their work and entertain themselves with games and streaming apps. For the fiscal third quarter, Apple announced $7.22 billion in sales which was down from the $7.37 billion in tablets Apple rung up during the same quarter in 2021 resulting in a small 2% drop.



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