05:19 PM EDT, 07/30/2026 (MT Newswires) -- Apple ( AAPL ) reported strong fiscal third-quarter results amid momentum in iPhone sales, though the company missed estimates for iPad and services revenue.

Per-share earnings rose to $2.02 for the quarter ended June 27 from $1.57 a year earlier, compared with the FactSet-polled consensus of $1.89. Net sales climbed 16% to $109.42 billion, ahead of Wall Street's $109.04 billion view.

"Apple ( AAPL ) is proud to report our strongest June quarter ever, with double-digit revenue growth across iPhone, Mac and services, and in every geographic segment," Chief Executive Tim Cook said in a statement.

John Ternus, senior vice president of Apple's ( AAPL ) hardware engineering, will become CEO in September as Cook transitions to the executive chairman role.

Sales for iPhone rallied to $54.25 billion from $44.58 billion in the year-earlier quarter. Analysts polled by FactSet projected $53.74 billion.

IPad revenue declined to $6.19 billion from $6.58 billion, contrary to the Street's average estimate that indicated an increase to $7.10 billion. Mac jumped to $10.35 billion from $8.05 billion, beating market expectations.

Services revenue increased to $30.74 billion from $27.42 billion, but fell short of analysts' $31.41 billion view. Overall product sales advanced to $78.68 billion in the third quarter from $66.61 billion a year ago.

"Our installed base of active devices also reached a new all-time high across all major product categories and geographic segments," Chief Financial Officer Kevan Parekh said.

Apple's ( AAPL ) shares were down 4.4% in after-hours trading and had gained 23% this year through Thursday close.

Apple ( AAPL ) recently increased prices for MacBooks and iPads amid surging memory and storage chip costs. That, combined with expected price increases for iPhone, could slow unit growth, KeyBanc Capital Markets said in a note earlier this month.

Morgan Stanley lowered its iPhone shipment forecast for the calendar year 2026 to about 250 million units from 252 million, assuming a "significant" pricing increase for the iPhone 18 model. The consensus estimate is for shipments of 255 million units, Morgan Stanley said in a note last week.

"We continue to believe that Apple ( AAPL ) fundamentals are very strong, with myriad price hikes likely to drive upside to revenue and (earnings per share) over the next 6-18 months," Morgan Stanley wrote.

Earlier this month, Apple ( AAPL ) said Broadcom ( AVGO ) will manufacture more than 15 billion US-made chips for its products, in a deal worth more than $30 billion. Last month, President Donald Trump announced that Apple ( AAPL ) had agreed to work with Intel ( INTC ) to design and build chips in the US.