The higher revenue can be attributed to not just the increased iPhone sales, but also the fact that the average selling price of an iPhone is much higher than what it was a year ago. At almost $10 billion (let's just round for convenience), Services is making up almost 20% of Apple's $53.3 billion in total revenue. With a market capitalization of more than $900 billion, Apple is tickling at the title of world's first trillion-dollar company.
Another bright point for Appleーrevenues from its services business, which includes its App Store, Apple Music, and iCloud.
The results "were driven by continued strong sales of iPhone, services and wearables, and we are very excited about the products and services in our pipeline", Tim Cook, Apple's chief executive officer, said in a statement.
In February, Apple said it expected revenue of between $51.5 billion and $53.5 billion for the quarter.
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The $999-priced iPhone X is a major contributor towards this "average selling price" increase and it should be noted that this price range is expected to remain the same with the imminent launch of the 2018 iPhone series.
Luckily, a long-underappreciated Apple division is coming to the fore: Services.
The California-based giant's performance for this quarter is much better compared to the same period past year, where Apple posted a revenue of $45.4 billion, quarterly profit of $8.7 billion, or $1.67 EPS. Apple (NASDAQ:AAPL) sold a total of 41.3 million iPhone units, but the projected amount was 41.6 million units. That's in line with the company's recent forecast and translates to year-over-year revenue growth of about 15 percent, the strongest for Apple's June quarter since 2015.
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But one of the categories potentially affected by tariffs is the Apple Watch, which is one of Apple's growth drivers.
The company reported per-share earnings of $2.34 for the quarter, up 40% from the same time previous year and handily beating analysts' consensus estimates of $2.18.
Sales rose 19% during the quarter, to $9.55 billion, in Greater China, where Apple gleans about 20% of its revenue. Services revenue was up 31% YOY at $9.54 billion, which was also better than Wall Street's expectations.
Apple ended the trading day with a market cap of $935.3 billion.
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But economists have begun to question whether it can continue at this pace in the face of trade tension and rising rates. The result was boosted by a budget deal at the start of the year that added billions to defense and domestic spending.
U.S. markets recovered overnight, led by gains in industrial stocks, following reports that the United States and China were renewing their trade negotiations to prevent the trade war from escalating.