Apple Reports Sales Rise in Its Q3

Apple returned to growth in its fiscal third quarter despite a slight drop in iPhone sales and declining revenue in China. The increase was driven by a double-digit improvement in services and iPad gains.

Net profit in the period increased 7.9% year-on-year to $21.4 billion. Total sales improved 4.9% to $85.8 billion, led by a 14.1% increase in services to $24.2 billion. In its earnings call CEO Tim Cook noted the revenue figure, a record fiscal Q3, was better than we had expected and set records in more than two dozen countries and regions.

Sales increased in all regions except for Greater China, which fell 6.5% to $14.7 billion, while Asia Pacific revenue grew 13.5% to $6.4 billion. Cooked noted more than half of the decline in China was currency-related, adding nine months after launch the iPhone 15 is outperforming the 14 series over the same period in the country. “We continue to be confident in the long-term opportunity in China,” he added.

iPad sales jumped 23.6% to $7.2 billion, while Mac revenue was up 2.4% to $7 billion. Wearables, home, and accessory sales were down 2.3% to $8.1 billion. The CEO said he is excited about Apple Intelligence and remains optimistic about the possibilities of AI and its ability to enrich customers’ lives. “We will continue to make significant investments,” added Cook.