Apple’s iPhone and Mac sales are on the rise even as a global memory shortage squeezes device makers. In its third-quarter earnings report released on Thursday, Apple revealed that iPhone sales jumped 22 percent to $54.25 billion and Mac sales increased 29 percent to $10.35 billion, driving the company’s overall revenue to $109.4 billion.
This marks Apple’s best third-quarter iPhone revenue, as sales tend to dip ahead of its next major launch event, as noted by Reuters. During an interview with CNBC, Apple CEO Tim Cook attributed the increase in sales to people who were upgrading their iPhones throughout the quarter. “We just had significant momentum on the iPhone really since the launch.”
During an earnings call, Apple chief financial officer Kevan Parekh said Apple expects “supply constraints to increase significantly” during the next quarter, adding the shortage will impact the iPhone, Mac, and iPad.
Apple hasn’t raised the prices of its iPhones yet, but analysts predict that the iPhone 18 could cost up to $200 more when the lineup launches this fall. Apple is planning to widely release its more personalized Siri AI alongside the iPhone 18, allowing its assistant to answer questions about what’s on your screen, search across apps, and perform tasks, like adding events to your calendar.
This week, Apple also announced a new Upgrade program that will let you lease an iPhone, iPad, Apple Watch, or Mac for a set monthly price.
Additionally, Apple reported $30.74 billion in services revenue, which incorporates subscriptions like Apple One and Apple TV. Parekh added during the earnings call that the company now has more than 1.5 billion subscribers across its services. Apple also reported $7.88 billion in revenue for wearables and a lower-than-expected $6.2 billion in iPad revenue.