With its Q3 earnings announcement on Thursday afternoon, Apple only just beat forecasts. The company revealed a marginal year-over-year rise in iPhone revenue and a 12 percent growth for its services segment. However, other areas of the company’s performance suffered: Mac revenues fell by 10%, which CEO Tim Cook blamed to supply chain issues and poor currency exchange rates. However, it also coincides with a general industry trend of declining PC sales.
Apple announced a new MacBook Air earlier this month that uses the M2 processor, but it wasn’t taken into account when calculating the statistics for this quarter. Following the June release of the improved 13-inch MacBook Pro, the new Air was introduced. Back in March, the M1-powered iPad Air, Studio Display, Mac Studio desktop, and most recent iPhone SE all went on sale.
The iPad unit declined by 2%, while wearables revenue fell by about 8%. Overall, Apple still managed to surpass its previous record for the June quarter, earning $1.20 per share on revenue of $83 billion.
The next round of significant software upgrades for the iPhone, iPad, Mac, Apple Watch, and Apple TV are still being developed by Apple. In preparation for a widespread release to all customers in the fall, upgrades such as iOS / iPadOS 16 and macOS Ventura are presently undergoing public beta testing.