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Apple’s iPhone sales revenue hits new record

iPhone sales revenue hit a new record due to strong demand in China and emerging markets, the company announced Thursday.

However, strong third-quarter revenue was not enough to reverse the downward trend in Apple’s overall performance.

A total of $43.8 billion (£35.9 billion) was raised from iPhone sales alone after the price hike and launch of the iPhone15.

The starting price of iPhone 15 Pro Max cost $1,200, which is $100 more than last year’s new version, while in the UK the devices sell for £999 – and £1,199 for the larger-screen version.

Prices have also been increased for subscription products, including its video streaming service, which has been increased to $10 per month, or £8.99 in the UK.

Apple’s phone sales and record services revenue helped overall sales and profit figures beat Wall Street expectations.

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Apple announced its new iPhone 15 lineup with a USB-C charging port, ditching its Lightning standard to comply with EU rules.

An additional $1 billion in services revenue – from the company’s App Store, iCloud, advertising and payment services – offset sharp declines in Mac and iPad sales, but Overall revenues declined for the fourth consecutive quarter.

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Overall revenue exceeded $89.5 billion, down 1% from the same period last year, as customer demand fell while inflation and borrowing costs high prices weakened the purchasing power of customers.

But it was exchange rate fluctuations that caused revenues to fall by 2%.

Supply chain issues persist at Apple, with Chief Executive Tim Cook saying the iPhone 15 and new Pro Max phones face constraints.

COVID-related lockdowns in China – where iPhones are made – disrupted production Last year.

It was just before the start of the quarter in question that Apple became the first company to valued at $3 trillion (£2.4 trillion).

The good news for investors continued as, over the period, almost $25 billion (£20.4 billion) was paid out to shareholders, Apple reported.

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