Apple said Thursday that 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 $21.1 billion. The services business — which includes Apple Music and Apple TV+ — is an increasingly important revenue driver for Apple.
iPhone revenue came in at $39.7 billion for the quarter, marking an approximately 2% year-over-year decline. Mac revenue was $6.8 billion for the quarter, a 7% drop, and iPad revenue was down nearly 20%.
Shares of Apple ticked down by more than 1% in after-hours trading Thursday.
In a statement accompanying the earnings results, CEO Tim Cook touted the rosy services figure.
“We are happy to report that we had an all-time revenue record in Services during the June quarter, driven by over 1 billion paid subscriptions, and we saw continued strength in emerging markets thanks to robust sales of iPhone,” Cook said.
This is a developing story. Please check back for updates.
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