Apple iPhone sale revenue reaches new record | Business News

Price increases helped to break some revenue records and surprise Wall Street.

By Sarah Taaffe-Maguire, Business reporter @taaffems

Revenue from iPhone sales reached a new record due to high demand in China and emerging markets, the company announced on Thursday.

However, the high Q3 revenue was not enough to reverse the downward trend in Apple’s overall performance.

A total of $43.8bn (£35.9bn) was raised from iPhone sale alone after price rises and the launch of the iPhone 15.

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

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

Apple’s Phone sales and an all-time record high in services revenue helped both overall sales and profit figures beat Wall Street expectations.

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

An extra $1bn in services revenue – from the App Store, iCloud, advertising, payment services parts of the business – offset large drops in Mac and iPad sales but overall revenues declined for the fourth three month period in a row.

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Overall revenue topped $89.5bn, down 1% from the same period a year ago as customer demand waned while inflation and high borrowing costs weakened customer purchasing power.

But it was foreign exchange rate moves that caused a 2% tumble in revenue.

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Supply chain problems are continuing at Apple as chief executive Tim Cook said the iPhone 15 and new Pro Max phones are facing constraints.

COVID lockdowns in China – where iPhones are made – disrupted production last year.

It was just before the quarter in question began that Apple became the first company to be valued at $3trn (£2.4trn).

The good news for investors continued as across the period nearly $25bn (£20.4bn) was paid to shareholders, Apple reported.

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