Apple didn’t make as much as it did last year off its trademark device — and Wall Street doesn’t seem to mind one bit.
The tech giant reported iPhone revenue dropped 17% year-over-year when it shared its second quarter financials on Tuesday afternoon, but Apple’s stock still spiked in after-hours trading, after the company posted a record $11.5 billion in Services revenue.
For the three months ended March 30, Apple reported revenue of $58 billion, slightly edging analyst estimates of $57.37 billion. Its earnings of $2.46 per share also beat analyst projections of $2.36 EPS. Revenue decreased 5% year-over-year.
Apple stopped sharing how many iPhones it sold earlier this year, but the company still reports quarterly revenue from the device.