APPLE HAS TRUMPETTED another "record" quarter despite suffering a double-digit slump in profits due to weakening iPhone sales.
While the company no longer breaks out product unit sales by device, Apple said on Tuesday that despite "improving iPhone trends", revenue from its smartphone sales totalled $25.99bn during the third quarter, down from $29.47bn in Q3 2018.
With Apple's total revenues for the three-month period coming in at $53.8bn, up from $53.3bn last year, this means the iPhone account for less half of Apple's revenue for the first time since 2012.
iPhone sales have been faltering for some time, as those reluctant to splurge upwards of a grand on a spanking-new iThing hold onto their current devices for longer, or become swayed by cheaper, feature-rich handsets from the likes of Chinese firms Huawei and OnePlus.
Still, Apple has managed to offset these slumping iPhone sales elsewhere; iPad sales increased fro $4.63bn to $5.02bn, Mac sales rose from $5.26bn from $5.82bn and Apple's Wearables, Home and Accessories business raked in $5.53bn, up from $3.73bn in the year-ago quarter, largely driven by AirPod sales.
Apple's Wearables business is now bigger than 60 per cent of the Fortune 500, CEO Tim Cook boasted during the company's earnings call.
Apple's Services business, which includes the App Store and Apple Music, continues to lead as the firm's best-performing division with Q3 revenues of $11.46bn, up from $10.17bn.
The firm said expects its momentum in Services to continue, particularly with a number launches on the horizon; the Apple Card, as expected, will launch in August, Cook announced on Tuesday, Apple Arcade and Apple TV Plus will roll out in the autumn.
"This was our biggest June quarter ever — driven by all-time record revenue from Services, accelerating growth from Wearables, strong performance from iPad and Mac and significant improvement in iPhone trends," Cook swooned in a statement.
"These results are promising across all our geographic segments, and we're confident about what's ahead. The balance of calendar 2019 will be an exciting period, with major launches on all of our platforms, new services and several new products."
Looking ahead, Apple expects its fiscal fourth-quarter revenue to total $61bn to $64bn, ahead of analysts expectations of $61.02bn. µ
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