Apple’s big services bet is paying off as iPhone sales dip

This April through June quarter is almost always Apple’s most boring financial stretch of the entire year, and today’s earnings release shows this year was no exception. The company reported revenue of $81.8 billion, down from $83 billion last year. With the new iPhone 15 series still a month and change away, last year’s lineup is sagging in consumer demand somewhat and was down 2 percent compared to a year ago. That’s not terrible considering how close we are to a new refresh. “The smartphone industry is tough in the US right now,” Apple CEO Tim Cook told CNBC.

The rest of Apple’s hardware portfolio wasn’t as resilient. Mac sales were down year over year with no major new products announced except for a refreshed Mac Studio and...

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