Apple marginally beat Wall Street estimates with its third-quarter earnings announcement on Thursday afternoon, showing a modest year-over-year gain in iPhone revenue and a 12 percent growth in its services segment. However, the company’s numbers suffered in other segments
Mac revenue was down 10 percent, which CEO Tim Cook ascribed to supply chain bottlenecks and poor international currency rates. The decline also corresponds to an industry-wide pattern of declining PC sales.
Wearables earnings were down roughly 8 percent, while iPad unit sales were down 2 percent. Apple achieved a new quarterly revenue record of $83 billion.
Coming lineup of Apple products
Apple unveiled a revamped MacBook Air powered by the company’s M2 processor earlier this month, but that didn’t weigh into this quarter’s numbers. The new Air follows the June release of an updated 13-inch MacBook Pro.
In March, Apple released the Mac Studio desktop, Studio Display, M1-powered iPad Air and the updated iPhone SE. Apple has a ‘flood’ of new products in the works for the autumn and into 2023.
Apple is reportedly planning not one but two 6.7-inch iPhones for its 2022 range. These will be the iPhone 14 Pro Max and a simpler iPhone 14 variant. The new phones will have better cameras, a faster processor and revised screen cutouts for Face ID and the selfie camera.
Updates on the way
Apple is also working on the next round of major software upgrades for the iPhone, iPad, Mac, Apple Watch, and Apple TV. iOS/iPadOS 16 and macOS Ventura are currently in public beta testing in preparation for a fall release to all customers.