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Apple's services business fuels its growth in latest quarter

Apple's services business fuels its growth in latest quarter



See Apple's 5G budget smartphoneReplayMore Videos ... (15 Videos)See Apple's 5G budget smartphoneElon Musk set to purchase Twitter for $44 billionWatch SpaceX and Axiom land first civilian crew back on EarthA quarter of all the electricity in this county is powering Bitcoin miningLamborghini's last Aventador Coupé with an NFT sold for $1.6MMother describes son's social media addiction that 'led to his death'Scott Galloway: The metaverse could give more power to tech giantsSpot can paint! Watch the robotic dog collaborate with artistDyson's new headphones double as wearable air purifiersHackers try to break through Putin's digital iron curtainNew tech in Walgreens brings mixed reactions, confusion onlineSee Volkswagen's iconic hippie microbus, but electricNY Times faces controversy after making changes to WordleCryptocurrencies take Hollywood, sports and politics by stormSee Samsung's Galaxy S22 smartphone lineup (CNN Business)Apple topped Wall Street's estimates in its latest quarter and reported one of the strongest three-month periods in its history on Thursday thanks to record revenues for its services business and strong iPhone sales.

The company reported sales of $97.3 billion for its fiscal second quarter, up 9% from the year prior. Apple (AAPL)'s iPhone business grew 5% to $50.6 billion during the quarter. Revenue from its services business climbed 17% from a year earlier to nearly $20 billion in the quarter.Shares of Apple rose 4.5% in after-hours trading Thursday following the earnings results. Apple's board of directors also authorized a $90 billion increase to its share repurchase program. The latest results follow Apple's record revenue during its all-important holiday quarter even as it continued to grapple with supply chain shortages. In January, the company reported $123.9 billion in revenue for the final months of the year, an 11% increase from the year prior, fueled by demand for its latest lineup of iPhones and other devices as well as the strength of its services business.Last month, Apple hosted its first product event of the year where it showed off an upgraded iPad Air, a new desktop computer, a powerful new Mac chip and the first budget iPhone with access to 5G networks.


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