Apple's Services Revenue Reaches Record High in Q3, Driving Earnings Beat

Apple (AAPL) reported third-quarter results that hit analysts' estimates arsenic services gross surged to a grounds high.

The iPhone shaper reported third-quarter gross of $85.78 billion, a 5% summation year-over-year, and supra analysts' estimates compiled by Visible Alpha. Net income besides came successful up of projections astatine $21.45 cardinal aliases $1.40 per share, up from 19.88 cardinal aliases $1.26 per stock a twelvemonth earlier.

CEO Tim Cook Highlights Record Q3 Revenue, AI Advances

Apple CEO Tim Cook said nan institution group a caller precocious for third-quarter revenue, arsenic services gross climbed to a quarterly record. Sales of Apple's iPads and Macs roseate arsenic well, while iPhone income declined adjacent to 1%.

Cook besides highlighted nan company's caller developments related to artificial intelligence (AI). Apple Intelligence was unveiled during nan 4th astatine Apple's June developers conference, alongside its caller operating strategy iOS 18, which is expected to beryllium made disposable to users successful nan fall.

Apple shares were small changed successful extended trading Thursday pursuing nan announcement. The banal has gained complete 13% since nan commencement of nan twelvemonth done Thursday's close.