Apple on Thursday reported sales and profits that beat Wall Street expectations, fueled by its customers snapping up iPhones and MacBooks amid price increases across the consumer electronics sector.

Financial Results

Apple said sales for its fiscal third quarter ended June 27 were up 16.4% to $109.42 billion, compared with analyst estimates of a 15.5% rise to $108.65 billion.

Apple’s third-quarter profits were $2.02 per share, with 11 cents attributable to tariff refunds from the U.S. government. Even excluding the tariff refunds, Apple’s profits were still above Wall Street estimates of $1.89 per share.

Product Sales

Driving Apple’s results was a 21.7% increase in iPhone sales to $54.25 billion, above analyst estimates of $53.86 billion. Sales of Macs were up 28.7% to $10.35 billion, beating analyst estimates of $8.74 billion.

iPad sales were down 5.9% to $6.19 billion, below analyst expectations of $6.92 billion. Apple’s services business, which includes its App Store, iCloud and content businesses, was up 12.1% to $30.74 billion, missing estimates of $31.22 billion.

Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.