Apple has returned to growth as strong sales of iPads, Mac, wearables and services cancelled out a 12 per cent annual drop in iPhone sales.
Total revenues inched up one per cent to $53.8bn in Apple's fiscal Q3 ending 30 June 2019, while quarterly earnings per diluted share fell seven per cent to $2.18.
A flurry of recent product releases were integral to the top-line recovery, Apple CEO Tim Cook said on an earnings call.
"Strong customer response" to the new iPad Mini and iPad Air helped it record a third consecutive quarter of growth in iPad, while Mac also hit double-digit growth, fuelled by MacBook Air and MacBook Pro.
"Looking forward, there's an enormous amount to be excited about for Mac," Cook enthused.
"On the heels of our Mac mini and iMac updates earlier in the fiscal year, we brought significant updates to the bulk of our notebook lineup in the last couple of months."
Cook claimed Apple's wearables business is now bigger than 60 per cent of Fortune 500 companies following a "blowout" quarter for the Apple iWatch and its wider wearables portfolio.
"We had great results for Apple Watch, which set a new June quarter revenue record and is reaching millions of new users," Cook said on the call, a transcript of which can be found here.
"Over 75 per cent of customers buying Apple Watch in the June quarter were buying their first Apple Watch. We continue to see phenomenal demand for AirPods. And when you tally up the last four quarters, our wearables business is now bigger than 60 per cent of the companies in the Fortune 500."
Apple's wearables business grew by well over 50 per cent, while services were up 13 per cent.
"When you step back and consider wearables and services together two areas where we have strategically invested in last several years, they now approach the size of a Fortune 50 company," Cook said.
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