Apple proved resilient in its latest quarter as the number of paying subscribers for its array of digital services crossed 1bn users worldwide, helping to lift profits from a year ago even as total revenue declined.
The world’s largest company by market value said on Thursday that total revenue fell 1 per cent to $81.8bn in the quarter that ended in June, a third straight year-on-year fall but slightly ahead of forecasts at $81.7bn, according to Refinitiv.
However, net profit rose 2.3 per cent to $19.9bn, well ahead of Wall Street estimates that it would slip 3.6 per cent to $18.7bn. Earnings per share also jumped 5 per cent to $1.26, ahead of forecasts for $1.20.
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