Apple announced a $27.5 billion profit for the most recent quarter on Thursday, driven by sales of iPhones and services.
Despite a modest decline in revenue in China compared to the same period last year, the net profits and $102.5 billion in revenue exceeded market forecasts.
“Apple is very proud to report a September quarter revenue record,” chief executive Tim Cook said in a release.
Following the revelation of the earnings numbers, Apple’s stock was up over 4% in after-hours trading.
Apple’s core product, the iPhone, generated $49 billion in revenue during the same quarter last year, but overall sales fell short of market forecasts.
Revenue from Apple’s services division, which offers digital content and subscriptions to owners of its valued devices, increased by about $3 billion from the same quarter last year to $28.8 billion.
“These results come at the close of an extraordinary year for Apple in which we achieved an all-time revenue record of $416 billion for the fiscal year,” Cook said.
“We set an all-time revenue record for iPhone, and in services we achieved all-time records across every geographic segment.”
Cook predicted that the current fiscal quarter would be the best ever for Apple.
Cook touted the latest Apple devices and the tech giant’s custom chips and efforts to enhance products and services with artificial intelligence.
“As we continue to expand our investment in AI, we’re bringing intelligence to more of what people already love about our products and services,” Cook said on an earnings call.
“At the heart of it all is Apple silicon… these incredibly advanced chips make Apple products the very best place to experience the power of AI.”
With artificial intelligence having the potential to transform how people use computers and the internet, Apple has been under pressure to demonstrate that it is not falling behind.
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