Nov 2, 2018

Apple falls below $1tn despite revenue and profit rise

Apple's strategy of charging more for its phones has paid off, with revenues jumping in the last three months despite relatively flat sales. Higher prices lifted revenue 20% to $62.9bn, while profits also climbed, rising 31% year-on-year to $14.1bn. But a warning of possible weaker sales in the coming months sparked a 4% fall in the share price after-hours. Apple's strategy of charging higher prices for its phones has boosted the firm in recent quarters, helping it to shrug off flagging demand. The California-based company is also making more money from "Services" such as the App store, Apple Music and Apple Pay. Despite the record figures, shares in the firm sunk in after-hours trading - a fall some blamed on a disappointing forecast for the important Christmas season.

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