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Apple reports quarterly revenue of $42.4 billion

Yesterday Apple shared its latest earnings report, today its let us know that the company recently sold its billionth iPhone.

"iPhone has become one of the most important, world-changing and successful products in history. It's become more than a constant companion. iPhone is truly an essential part of our daily life and enables much of what we do throughout the day," said CEO Tim Cook.

Last week we passed another major milestone when we sold the billionth iPhone. We never set out to make the most, but we've always set out to make the best products that make a difference. Thank you to everyone at Apple for helping change the world every day."

Cha-ching, that's the sound of an Apple earnings report hitting the news wires, as the company reported quarterly revenue of $42.4 billion and quarterly net income of $7.8 billion.

That's down a little compared to results for the same quarter last year, which saw revenue of $49.6 billion and net income of $10.7 billion, but it's still a good result for a company that's recent products (most notably the Apple Watch) have failed to wow consumers.

"We are pleased to report third quarter results that reflect stronger customer demand and business performance than we anticipated at the start of the quarter," said CEO Tim Cook.

"We had a very successful launch of iPhone SE and we're thrilled by customers' and developers' response to software and services we previewed at WWDC in June."

The company sold 40 million iPhones and close to 10 million iPad devices.

"Our Services business grew 19 percent year-over-year and App Store revenue was the highest ever, as our installed base continued to grow and transacting customers hit an all-time record," added CFO Luca Maestri.

"We returned over $13 billion to investors through share repurchases and dividends, and we have now completed almost $177 billion of our $250 billion capital return program."

iOS 10 is currently in public beta and a new iPhone is expected to be announced in September.

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