Apple reports record earnings quarter

With iPhone revenue up year over year, Apple reports record earnings quarter, on Thursday, even with just a week or so of iPhone 15 sales factored into the numbers.

However, all of the company’s other hardware divisions were down, and overall sales were down for the fourth consecutive quarter. The company brought in $89.5 billion in revenue overall for the quarter.

CEO Tim Cook told CNBC that the iPhone 15 lineup is showing stronger early momentum than the 14 series. He added that the Pro and Pro Max devices were both currently supply-constrained.

The Mac business was hit particularly hard, down 34% year over year. This led to Apple holding its M3 event earlier this week, where the company introduced updated MacBook Pros and a refreshed iMac. Cook described the current PC consumer market as “challenging.”

With no new recent models to speak of, iPad revenue fell by 10%, while wearables revenue was down by a considerably smaller 3 percent. Apple’s services unit was a reliable moneymaker, up 16% year over year.

Apple’s CEO seems optimistic about the company’s position heading into the holiday shopping season, as they now have their strongest lineup of products ever, including the iPhone 15 lineup and their first carbon neutral Apple Watch models, a major milestone in their efforts to make all Apple products carbon neutral by 2030.