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According to CNN, analysts expected Apple to sell nearly 42 million iPhones, less than last quarter, as a result of users already owning the newest models or waiting for newer ones.

That beat the $2.17 per share expected by 10 analysts surveyed by Zacks Investment Research. The company's value had surpassed US$960 billion (NZ$1.4 trillion) in trading before the results were released, and shares climbed around 3 per cent in late trading following the figures.

Shares rose 3.4 per cent to US$196.80 in after-hours trade. Cook said revenues from paid subscriptions of Apple and third parties had shown a 60 per cent year on year growth and was now over $300 million. The numbers were marginally lower that Wall Street estimates of around 41.7 million, but Apple made up for that decline with an increased average selling price, which stood at $724. On the same day Apple was announcing another strong quarter for its iPhone business, Samsung was conceding that sales of the Galaxy S9 and S9+ are slower than expected.

Apple also forecast revenue above expectations for the fall, when it typically launches new iPhone models, reassuring a nervous tech sector that saw sell-offs last week in Facebook Inc, Twitter Inc and Netflix Inc on concerns about their future growth.

Shares of Apple rose almost 3 percent Tuesday after it reported fiscal third-quarter results that beat Wall Street expectations.

Apple's services revenue, which includes the App Store and Apple Music as well as iCloud and Apple Pay, brought in $9.55 billion, beating analyst estimates of $9.2 billion.

Also significant is a continued growth in the company's non-hardware revenue: Apple generated $9.55 billion with services during its fiscal Q3, compared to $7.23 billion a year ago.


Some analysts were concerned there would be a drop off in demand for the company's highest-priced iPhone X, which sports a starting price tag of $999.

At the moment, Apple is worth $935 billion.

Third-quarter revenue rose 17% to $53.3bn (£40.6bn), beating forecasts of $52.34bn (£39.9bn).

Apple has responded to a plateauing global smartphone market by launching ever-more expensive phones and diversifying into services. Revenue from services was up 31% and revenue from other products was up 37%.

The Cupertino, California-based company said its fiscal third-quarter profit jumped 32% to $11.52 billion.

The company also reported strong growth in its fastest-growing services division, which includes Apple Music, now the largest music streaming services in the US. The company said it expects gross margins of 38 per cent to 38.5 per cent in the fourth quarter, compared with analyst expectations of 38.3 per cent, according to Thomson Reuters I/B/E/S.


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