Apple’s Q3 2026 earnings report was okay, but nothing special

Here are the year-over-year numbers:
- Revenue up 16% to $109.4 billion
- Net income up 27% to $29.79 billion
- iPhone revenue up 22% to $54.25 billion
- Mac revenue up 28% to $10.35 billion
- iPad revenue down 6% to $6.19 billion
- Wearables/Home/Accessories revenue up 6% to $7.88 billion
- Services revenue up 12% to $30.74 billion

Investors liked that Apple's shift from an iPhone company to a Services company is continuing, but not that the iPhone grew faster than Services again and that Services revenue decreased quarter-over-quarter for the first time in years, so they sent the stock down.

Full results: https://www.businesswire.com/news/home/20260730284687/en/Apple-reports-third-quarter-results

I originally published this as a post on LinkedIn.