Apple Stock Falls on Service Revenue Miss, Despite iPhone Sales Boom

Apple's fiscal third quarter results have been released, showing strong iPhone sales but falling short on service revenue and China sales.

The company reported a 22% year-over-year increase in iPhone revenue to $54.3 billion, exceeding analyst expectations of $53.86 billion. This growth was driven by consumers buying iPhones ahead of expected price increases due to rising component costs.

Mac revenue also surged 29% year over year to $10.4 billion, with the company attributing this success to the new MacBook Neo and MacBook Pro models.

However, Apple's services segment saw revenue growth slow down to 12%, falling short of analyst expectations. The company cited significant currency headwinds as a contributing factor.