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, topping Wall Street’s estimate of $38.33 billion. 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.
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. Still, the results did top the $6.94 billion in iPad sales forecast by analysts.
Apple CEO Tim Cook said, “This quarter’s record results speak to Apple’s constant efforts to innovate, to advance new possibilities, and to enrich the lives of our customers. As always, we are leading with our values, and expressing them in everything we build, from new features that are designed to protect user privacy and security, to tools that will enhance accessibility, part of our longstanding commitment to create products for everyone.”
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