(Bloomberg) -- The iPhone in the third quarter represented about 48% of Apple Inc.'s revenues, marking the first time that the product has made up less than half of sales in several years. Services and wearables are picking up the slack.
Apple's iPhone revenue was $25.986 billion in the third quarter, missing the average analyst estimate of $26.54 billion and about a $3 billion year-over-year decline. The 2018 iPhones aren't a big leap forward from the year before, and this year's models aren't expected to be much of a leap either.
The last time iPhone sales dipped below 50% of overall revenues was nearly 7 years ago, in the fourth quarter of 2012. If you look at this as a positive, this means that services and wearables are becoming more important to Apple. Negatively, this means the iPhone is continuing to wane.
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--With assistance from Ian King.
To contact the reporter on this story: Mark Gurman in San Francisco at mgurman1@bloomberg.net
To contact the editor responsible for this story: Anny Kuo at akuo1@bloomberg.net
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