Apple Services Hit All-Time High of Over $31 Billion

Apple reported net sales of $114.48 billion and a profit of $2.10 per share, compared to net sales of $113.35 billion and a profit of $1.99 per share expected by Wall Street analysts, per Yahoo Finance Services reached an all-time high with $31.57 billion coming in for Apple TV, Apple Music, iCloud, the App Store and more The tech conglomerate welcomed new CEO John Ternus after taking over for Tim Cook on Sept. 1 Apple reported fourth quarter earnings that saw the tech giant reach an all-time high in services with $31.57 billion coming in for Apple TV, Apple Music, iCloud, the App Store and more. Wall Street analysts estimated Apple to report a net revenue of $113.35 billion and a profit of $1.99 per share, per Yahoo Finance, but the tech giant blew past those estimates to reach a net revenue of $114.48 billion and earnings of $2.10 per share, reaching a September quarter revenue record. Revenue was up 11.72% from a year ago and earnings were up 13.51% from a year ago. Net income came in at $30.71 billion, rising from the previous year’s income of $27.47 billion. The biggest driver for the uptick was iPhone sales, also hit a September quarter revenue record with $57.58 billion, rising from the $49.03 the category brought in a year ago. The quarter only included a few weeks worth of sales from the new iPhone 18 Pro Max, and the quarter ended before the iPhone Duo launched on Oct. 23. The fourth quarter earnings call marks the first helmed by new CEO John Ternus, who officially took over for Tim Cook on Sept. 1. “There is so much opportunity for us with everything that’s happening in this space, and we’re just really focused on on our plans and very excited about it,” Ternus,” Ternus said during brief remarks during the third quarter earnings call. More to come …