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Apple has announced its results for the third quarter of 2019. Although the Cupertino firm is still very healthy, its flagship smartphone is no longer the product that makes it possible to rake in the profits.
With net sales of $53.8 billion, Apple's revenue increased by 1% compared to the same period last year. However, iPhone sales amounted to $25.99 billion, compared to $29.47 billion last year, which means that for the first time since 2012, Apple's flagship product represents less than 50% of the company's revenue.
The news is not at all surprising, mainly because Apple has worked hard in recent months to expand its range of products and services, and Apple Watch and other devices, such as AirPods, have had a significant impact on the market. It is therefore normal that the cake now splits into new slices, which reduces the iPhone's importance.
"This was our largest quarter from June to date, driven by record revenues in all respects and an acceleration in wearable growth," Tim Cook said in a press release."These results are promising in all our geographic areas and we are confident for the future."
What will be of most interest to shareholders, however, is the next quarter, as it will be the first to include sales of Apple's new iPhone and subscription services: Apple TV + and Apple Arcade, with revenues predicted to fall somewhere betwenn $61 billion to $64 billion.
Via: The Verge