Apple reports record fourth-quarter revenue

Apple has reported record revenue for its fourth quarter despite a further fall in iPhone sales,

Releasing its latest financial results, the tech giant said revenue for the last three months was 64 billion dollars (£49.6 billion).

That was despite revenue from iPhone sales – still the company’s biggest selling product – falling by more than three billion dollars on this time last year.

However, the firm’s services business, which includes its subscription offerings such as Apple Music, continues to grow – rising from 10.6 billion (£8.2 billion) to 12.5 billion dollars (£9.7 billion).

The latest addition to that segment of the business, the Apple TV+ video subscription service, launches on Friday.

Net income for the quarter was 13.7 billion (£10.6 billion) – down from 14.1 billion (£10.9 billion) in the same quarter a year ago.

Apple chief executive Tim Cook said: “We concluded a groundbreaking fiscal 2019 with our highest Q4 revenue ever, fuelled by accelerating growth from services, wearables and iPad.

“With customers and reviewers raving about the new generation of iPhones, today’s debut of new, noise-cancelling AirPods Pro, the hotly-anticipated arrival of Apple TV+ just two days away, and our best lineup of products and services ever, we’re very optimistic about what the holiday quarter has in store,” Mr Cook added.