Apple’s third-quarter earnings report, released on Thursday, came up just short of Wall Street’s forecasts. The company reported a 1% gain in iPhone revenue year over year and a 13% growth in its services segment. However, the company’s financial results deteriorated in other areas as well: Tim Cook, CEO of Apple, blamed the decline in Mac sales on supply chain issues and currency fluctuations. However, the fall in PC sales is also consistent with the general trend in the sector.
Apple announced a new MacBook Air with the M2 chip earlier this month, but that didn’t affect the results for the current quarter. In June, Apple released the improved 13-inch MacBook Pro, which was followed by the release of the new MacBook Air. The Mac Studio desktop, Studio Display, M1-powered iPad Air, and the most recent iPhone SE have all been available since March of this year. The “flood” of new Apple products is expected for the fall and into 2023, according to Bloomberg’s Mark Gurman.
There was an 8 percent drop in wearables revenue and a 2 percent drop in the iPad’s sales. Overall, Apple was able to achieve a new record for revenue in the June quarter, bringing in $83 billion and earning $1.20 per share.
Apple is reported to be working on two huge, 6.7-inch devices for the upcoming 2022 iPhone line-up. The iPhone 14 Pro Max and a simpler iPhone 14 will be the two models to choose from in the coming months. This year, Apple is expected to release a 6.1-inch iPhone 14 Pro and an iPhone 14. There will be no mini-sized iPhone this year. The new Pro models will have a faster processor and new, smaller cutouts for Face ID and the selfie camera in the new phones. The new phones will sport better cameras.
The next round of important software updates for the iPhone, iPad, Mac, Apple Watch, and Apple TV are being developed by Apple. Prior to a wider release to the general public in the fall, iOS/iPadOS 16, MacOS Ventura, and other updates are presently being beta tested. The ability to edit or delete texts, and more will be included in the forthcoming iPhone version.
In the face of a possible economic slowdown and recession, Apple plans to slow hiring, as have other tech firms in recent weeks. According to Cook, Apple will be “deliberate” when it comes to hiring new workers.