Apple’s sales fall for the third consecutive quarter

Apple said Thursday that its revenue slipped 1% to $81.8 billion for its quarter ending July 1, marking the third consecutive year-over-year drop in quarterly revenue for the world’s most valuable company.

There were some bright spots, however. The company said its services revenue reached a new all-time high of $21.1 billion. The services business — which includes Apple Music and Apple TV+ — is an increasingly important revenue driver for Apple.

This is a developing story. Please check back for updates.