Apple’s third quarter earnings came in with record revenue, however the company missed on key categories, including iPhone, and services.

Revenue came in at $90.15 billion, compared with the expectation of $88.64 billion. Earnings per share were $1.29 vs $1.26 expected. iPhone fell short at $42.63 billion versus $42.67 expected. Mac came in at $11.5 billion versus $9.25 billion expected. iPad was $7.17 billion versus $7.81 billion expected. Wearables produced $9.65 billion  versus $8.8 billion expected. Services fell short at $19.19 billion versus $19.97 billion expected.

Shares fell by up to 3% in after-hours trading. By the close Thursday, shares had fallen almost 16% over the year, just prior to the report’s release.

The iPhone and iPad numbers were concerning to investors. Recently it was reported Apple was reducing production numbers on the iPhone plus amid lagging sales.

The new iPhone 14 series was released in September. Among the lineup the iPhone 14 Pro and iPhone 14 Pro Max sported better cameras, processors, and displays than the lower tier iPhone 14 and iPhone 14 Plus, which have been underperforming.

Although the drop in iPhone 14 and iPhone 14 plus sales are concerning, the performance of Pro and Pro Max may help Apple to get a better average selling price on smartphones, which would compensate for the sales decline.

Apple has also announced a price hike on services, including Apple Music+, Apple TV+, and the Apple One combo. Apple Music+ individual plan increased from $10 to $11, Apple TV+ rose from $5 to $7, and Apple One increased from $15 to $17.

As with other tech companies, Apple is suffering under the strong dollar and adverse foreign exchange rates which eat into profits. Added to the consumer slowdown and continuing Fed rate hikes, Apple is running into the same difficulties as many other Big Tech companies.