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Apple Q3 results top estimates as record services growth offsets iPhone sales miss

Investing.com -- Apple (NASDAQ:AAPL) reported Thursday fiscal third-quarter results that topped estimates as strength in its services business helped offset iPhone sales that fell short of estimates.

Apple shares were down 1% in afterhours trading following the report.

Apple reported reported EPS $1.26 on revenue of $81.80B, beating estimates for $1.19 and $81.73B, respectively.

iPhone revenue, which makes up nearly half of total revenue, fell to $39.67B from $40.67B a year earlier, missing estimates of $39.91B.

Gross margin of 44.5% for the quarter topped estimates of 44.2%, as the tech giant's higher-margin services business delivered record growth.

Revenue from Apple’s service business including Apple News, Apple TV+ and iCloud, grew to $21.21B in Q3 from $19.60B a year earlier, and topped estimates of $20.76B.

"We had an all-time revenue record in Services during the June quarter, driven by over 1 billion paid subscriptions, and we saw continued strength in emerging markets thanks to robust sales of iPhone," Apple CEO Tim Cook said.

iPad revenue fell by 20% to $5.79B year-on-year in Q3 , missing Wall Street estimates of $6.41B.

Wearables, home and accessories grew 2.5% to $8.28B year-on-year in Q3.

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