Apple Posts 12% Revenue Growth as iPhone Sales Rebound

Apple reported a 12% year-over-year increase in fiscal fourth-quarter revenue, with iPhone sales accelerating, giving U.S. investors a new read on demand at one of the country's largest public companies.

Apple released the results after U.S. markets closed Nov. 2. Revenue was $114.48 billion for the three months ended in September, while diluted earnings per share were $2.10 and net income reached $30.71 billion. Revenue and earnings per share topped market expectations of $113.5 billion and $2.00, respectively.

The iPhone generated $57.58 billion, up 17.5% from a year earlier, and accounted for about half of sales. The Services segment, which includes the App Store, cloud storage and subscriptions, generated $31.57 billion.

Operating cash flow reached $28 billion, and Apple returned an equivalent amount to shareholders through stock repurchases and dividends. Mac revenue was $10.79 billion, while iPad sales totaled $6.23 billion and Wearables, Home and Accessories revenue was $8.3 billion. Full-year revenue reached a record $479 billion.