Apple beats Wall Street expectations with record Q3 revenue fueled by strong iPhone sales

Apple Inc. reported an exceptional financial performance for its fiscal third quarter, blowing past Wall Street estimates thanks largely to a surge in iPhone sales and robust growth in its services business.

The tech giant posted quarterly revenue of $94.04 billion, a 10 percent increase year-over-year, and net profit of $23.4 billion, or $1.57 per diluted share, marking a 12 percent rise in earnings per share compared to the prior year. Analysts had predicted revenue to fall below $90 billion with earnings closer to $1.43 per share, so Apple’s results exceeded expectations substantially, prompting a notable rise in its stock price in after-hours trading.