Trending in the latest finance news, Apple has reason to celebrate. The tech giant recently declared its quarterly revenue, and the figures are at an all-time high. The company’s fourth-quarter earnings came in at a staggering $69.2 billion. Read on to learn more about Apple’s latest milestone, after it became the world’s first company to be valued at $1 trillion.

Apple's Record-Breaking Quarterly Revenue | iTMunch

Apple Rakes in $62.9 Billion in Quarterly Revenue

Despite having such a stellar quarter, Apple has only slightly exceeded its projected revenue. Its performance is up by approximately 20% as compared to last year. The company’s representatives have cited revenue from services such as Apple Music and iCloud as the reason for its great show this quarter. The combined services hit an all-time high of $10 billion.

Apple Reports Second Record-Breaking Quarterly Revenue in 2018

The company’s CFO, Luca Maestri and CEO, Tim Cook, released a statement saying the company was “thrilled” to report its second record-breaking quarter in the fiscal year 2018. It has been a good year for Apple as it marked a few other accomplishments as well. These include celebrating the tenth anniversary of the App Store and shipping its two billionth iOS device. The icing on the cake, of course, is achieving the “strongest revenue and earnings in Apple’s history.”

The statement went on to read, “Over the past two months, we’ve delivered huge advancements for our customers through new versions of iPhone, Apple Watch, iPad and Mac as well as our four operating systems, and we enter the holiday season with our strongest lineup of products and services ever.”

Company Stock Dips 3.7% Despite Stellar Earnings

Surprisingly after Apple released its statement in the media, the company’s stock went south almost immediately. It seems that investors aren’t too pleased with the company’s performance. They expected to see higher numbers on the sales on iPhones after the new versions of the iPhone X were revealed in mid-September. This led to Apple’s market value falling below its $1 trillion mark.

As Apple slowly shifts focus to its cloud and music services, this marks a big change for the company. According to market reports, the sales of Apple products have become somewhat stagnant, propelling a reason for a change in the company’s vision.

Apple’s iPhone Sales are Falling: Here’s Why

The iPhone sales for this quarter increased from 41.3 million to 46.8 million, as compared to the last one. In spite of the 13% increase, market analysts are expecting an overall slowdown in iPhone sales going forward. The reason behind this is that customers are no longer purchasing smartphones the same way they used to. The dampened enthusiasm for the new phones that were launched in September can be attributed to a major change in consumer behaviour. Thanks to artificial intelligence tools like voice and automated reality, the way people interact with their phones is slowly but steadily evolving.

Are Ads the Next Big Thing for Apple?

In recent years, Apple has become the largest marketplace for applications. Developers who want their apps to be featured at the top positions on App Store are now ready to shell out money for advertising. Moreover, compared to Facebook and Google, the company has come out on top in terms of data protection. This has added to Apple’s credibility, making App Store the preferred platform for placing ads.

SEE ALSO: Apple Acquires Danish Machine Learning Startup

Currently, Apple is at the forefront of safety regulations. Earlier this year, it toughened its stance on protecting the safety of its users by restricting the capacity of developers to collect data from iPhones. It definitely looks like Apple’s winning streak will continue in the future as the company aligns itself with changing consumer trends and technological advancements.

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