Apple Stock Falters Despite Robust iPhone Sales

Apple's stock price fell despite strong iPhone sales and revenue growth in its fiscal third quarter. The company reported $54.3 billion in iPhone revenue, a 22% year-over-year increase that exceeded analyst expectations of $53.86 billion.

Apple's other product sales were mixed, with Mac revenue surging 29% to $10.4 billion and iPad sales falling 6%. Wearable revenue rose by 6%, driven by a record number of Apple Watch upgraders.

The company's services segment saw revenue grow 12% to $30.74 billion, but this was a significant deceleration from the 16% growth seen in the previous quarter. Apple attributed the slower growth to currency headwinds, which impacted its service revenue by 2.5 percentage points.

Apple's guidance for the fiscal fourth quarter suggests that it will face continued memory price and currency headwinds. The company projects revenue growth of 9-11% year-over-year, with iPhone sales expected to grow in the mid-teens.