Apple Turns In Good Quarter on High Revenue, Services

Apple’s quarterly earnings pleased investors who sent the stock sharply higher in after-hours trading. A revenue mark of $53.8 billion was the best ever for the June quarter. Profits were down because of lower margins, which was expected. Services played a big part in the numbers, offsetting lower iPhone sales which accounted for just less than half of revenue for the first time since 2012.

Services include things like Apple TV, iCloud subscriptions and Apple News and Apple Music. Apple also revealed today that the Apple Card, a new credit card partnership, will launch in August.