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Apple's sales fall for the third consecutive quarter | CNN Business

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Apple said its revenue slipped 1% to $81.8 billion for its quarter ending July 1, marking the third consecutive year-over-year drop in quarterly revenue for the world’s most valuable company

There were some bright spots, however. The company said its services revenue reached a new all-time high of $21.2 billion. The services business — which includes Apple Music and Apple TV+ — is an increasingly important revenue driver for Apple. Moreover, Apple’s results narrowly beat Wall Street’s estimates for revenue and profit. iPhone revenue came in at $39.7 billion for the quarter, marking an approximately 2% year-over-year decline. Mac revenue was $6.

Apple’s June quarter is typically the slowest of the year for the tech giant, which usually unveils new iPhone models in September. Customers often hold out on upgrading until the new models are released. The quarter also ends before back-to-school shopping and the lucrative December holidays. The latest earnings report also comes as PC and smartphone sales slump, after an initial surge seen in the early days of the pandemic. Global PC shipments fell 16.

 

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