RESOLVING THE LEDGER
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Apple (NASDAQ: AAPL) continued its streak of strong iPhone sales during its fiscal third quarter, but the stock fell as service revenue and China sales came up short of expectations. Nonetheless, the stock is still up around 48% over the past year.
Apple once again saw robust iPhone sales, as consumers rushed to buy the smartphone ahead of expected price increases due to rising component costs. iPhone revenue jumped 22% year over year to $54.3 billion in the quarter ended June 27, which was ahead of the $53.86 billion consensus, as compiled by LSEG . It saw strength across both developed and emerging markets, and its installed base hit an all-time high.
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