Apple revenue slips but services business hits record as iPhone demand dips

Apple's revenue declined 1.4% in the third quarter of 2023, marking the third straight quarterly drop.
iPhone sales fell 2.4% annually amid weakening global demand, especially in China, a key market for Apple.
Revenue from services like Apple Music and App Store reached an all-time high of $21.2 billion, up 8% and offsetting device sales.
Apple now has over 1 billion paid subscriptions across its ecosystem of services and apps.
CEO Tim Cook said macroeconomic conditions remain challenging but emerging markets and wearables did well.