Apple’s record service revenue couldn’t make up for falling hardware sales
As many Apple watchers have predicted, the company's financial results this quarter are a break from the last few years of nonstop growth. The iPhone maker reported a revenue of $117.2 billion for its first fiscal quarter , which is five percent down year over year, marking the first time Apple's revenue is down since 2019.
There are a couple of bright spots in the company's performance, namely in its setting a revenue record of $20.8 billion in its Services business and hitting more than 2 billion active devices in its installed base. All-time revenue records were also set in markets like Canada, Indonesia, Mexico, Spain, Turkey and Vietnam.
In a statement, CEO Tim Cook said"As we all continue to navigate a challenging environment, we are proud to have our best lineup of products and services ever, and as always, we remain focused on the long term and are leading with our values in everything we do."You can disable notifications at any time in your settings menu.
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