Apple sales jump 20% despite zero growth in iPhones sold

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In the past week, Facebook, Amazon and Google released earnings results with lighter sales numbers than Wall Street expected. Worse still: it comes at a time when the market is seized by turbulence about rising interest rates and an escalating trade war with China.

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Apple once again proved it doesn’t need to sell more iPhones to grow its business.

Apple said Thursday sales for the three months ending in September hit $62.9 billion, up 20% from a year prior, fueled by its lineup of pricier smartphones and continued growth of supplementary services such as Apple Pay and iCloud. Yet, sales of Apple’s flagship device were essentially flat.

Apple sold 46.9 million iPhones during the quarter, essentially unchanged from a year ago.

The company’s fiscal fourth quarter earnings report offers the first glimpse into demand for the new iPhone XS and XS Max, which went on sale in late September.

The results come at a time when tech stocks, and the market overhaul, have faced significant turbulence. In the past week, Facebook, Amazon and Google released earnings results with lighter sales numbers than Wall Street expected.

Apple stock was down 4% in after hours trading Thursday following the earnings report.

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