Apple revealed their June quarterly revenue reports on Thursday, and boy! has the company surprised everyone. Apple logged in a massive revenue of $83Bn, chiefly from its reliable flagship product, the iPhone. Apple’s numbers have exceeded Wall Street’s predictions, though other hardware products seem to be loosing some steam.a

Apple CFO Luca Maestri said “Our June quarter results continued to demonstrate our ability to manage our business effectively despite the challenging operating environment. We set a June quarter revenue record and our installed base of active devices reached an all-time high in every geographic segment and product category. During the quarter, we generated nearly $23 billion in operating cash flow, returned over $28 billion to our shareholders, and continued to invest in our long-term growth plans.”

iPhone remains the flag bearer for Apple

The iPhone, arguably a device with the most loyal fanbase, has continued to be Apple’s cash generating leader. Revenue for iPhone jumped 3% year-over-year for Q3, from $39.5 Bn last year to $40.7 Bn this year.

CEO Tim Cook, commenting on iPhone sales, said “We set a June quarter record for both revenue and switchers to iPhone. With its advanced performance, capability and ease of use, customers continue to find that iPhone remains the gold standard for smartphones.”

The revenue has been logged in largely riding the back of the latest iPhone 13 lineup, which featured Apple’s new 16-core Neural engine-backed A15 Bionic Processor in its higher end variants.

Apple doubles revenue in India

While India remains an Android dominated market, Apple has generated nearly double revenue from India, said Tim Cook. Cook however refrained from revealing India-specific numbers.

Apple CEO Tim Cook said the company, with the iPhone, did “quite well” in India. “We also saw June quarter revenue records in both developed and emerging markets with very strong double-digit growth in Brazil, Indonesia, and Vietnam and a near doubling of revenue in India. We saw great enthusiasm for our products and services, resulting in an all-time record for our installed base of active devices” Cook added.

Mac, iPad, Wearables underperform

The numbers weren’t quite as impressive for some other categyof devices. Revenue for Mac saw a 10% plunge, from $8.2 Bn to $7.4 Bn. Mac emerged as the most critically impacted product line. Wearables, which include Apple watch, Airpods and HomePods, saw an 8% drop in revenue from $8.8 billion to $8.1 billion. The iPad saw a slight drop in revenue from $7.3 Bn to $7.2 Bn.

Growth slope straightens for Apple Services, Userbase up to 860 Mn

Apple Services, a category which has exhibited consistent growth, showed a marked decrease in growth pace for Q3, with a 12% year-over-year increase in revenue, compared to 27% last quarter. The category includes App Store, Apple TV+, Apple Music, cloud services among others, all of which generated $19.6 billion in revenue, falling short of both the Wall Street’s predictions ($19.7 Bn) and last quarter’s numbers (19.8 bn)

CFO Luca Maestri commented, “The record level of performance of our services portfolio during the June quarter reflects the strength of our ecosystem on many fronts,” Apple CFO Luca Maestri said on the company’s earnings call. “First, our install base has continued to grow, reaching an all time high across each geographic segment and major product category. We also saw increased customer engagement with our services during the quarter our transacting accounts, paid accounts and accounts with paid subscriptions. All grew double digits year over year and paid subscriptions showed very strong growth.”

Maestri added that Apple generated record revenue from Apple Music, Apple Care, Cloud services and Payment services.

All-in-all, Apple saw a 2% increase year-over-year in revenue. That number might not be impressive, but considering the global economic climate, the company has no reason to worry or complain.