Apple reported its latest quarterly financial results today, and its revenues rose just 2 percent year-over-year to $64 billion. But its profits fell YOY.

“We concluded a groundbreaking fiscal 2019 with our highest Q4 revenue ever, fueled by accelerating growth from Services, Wearables, and iPad,” Apple CEO Tim Cook said in a characteristically hyperbolic statement. “With customers and reviewers raving about the new generation of iPhones, today’s debut of new, noise-canceling AirPods Pro, the hotly-anticipated arrival of Apple TV+ just two days away, and our best lineup of products and services ever, we’re very optimistic about what the holiday quarter has in store.”

Apple reported net income of $13.7 billion, a decline of 3.1 percent from the year-ago quarter. Its revenues, of $64 billion, were up just 2 percent compared to the year-ago quarter.

Most interestingly, Apple’s iPhone revenues declined, YOY, no doubt due to the lower starting price of its best-selling model, the iPhone 11. Apple reported iPhone revenues of $33.4 billion in the quarter, down 9.2 percent from the $36.8 billion it recorded in the year-ago quarter. But iPhone continues to power Apple’s earnings: The product line contributed 57.5 percent of Apple’s total revenues.

Mac sales were also down YOY, to $6.9 billion, compared to $7.3 billion a year ago.

In the good news department, services sales soared to $12.5 billion, up 15 percent from the $10.6 billion a year ago. Wearable sales were also up, by 35 percent, to $6.5 billion. And iPad sales surged 13 percent to $4.6 billion.