Apple today announced earning results for its 4Q 2019 that is ended on September 30, 2019. The Company posted quarterly revenue of $64.0 billion, an increase of 2 percent from the year-ago quarter, along with a net quarterly profit of $13.7 billion, and quarterly earnings per diluted share of $3.03. Apple, by comparison, reported $62.9 billion in revenue and $14.1 billion in gross quarterly profit, or $2.91 per diluted share, in the quarter of the year-ago.

While iPhone sales continued to decline by 9.2 percent, its iPad and Mac sector continued to grow, with service business revenue expanded by 18 percent year-on-year, pushing Cupertino’s Q4 revenue to a new record. The service business has become the second-largest driver to accelerate revenue growth for Apple. Apple has been releasing a number of services like Apple News+ magazine subscription, Apple Arcade games subscription, Apple TV+ video subscription, Apple Card business, etc. since the beginning of this year, and plans to expand the business further.

Apple’s wearable and accessories business in the quarter soared by 54 percent, hitting $6.5 billion, and revenues also surpassed that of the iPad. Cook also reported that AirPods ‘ revenue for the quarter hit a new high in the earnings conference call, as well as three-quarters of Apple Watch’s revenues from new users. It is expected that the Wearable market shares of the company will continue to climb in the fourth quarter with the launch of AirPods Pro:

“We concluded a groundbreaking fiscal 2019 with our highest Q4 revenue ever, fueled by accelerating growth from Services, Wearables and ‌iPad‌,” said Tim Cook, Apple’s CEO. “With customers and reviewers raving about the new generation of iPhones, today’s debut of new, noise-cancelling AirPods Pro, the hotly-anticipated arrival of Apple TV+ just two days away, and our best lineup of products and services ever, we’re very optimistic about what the holiday quarter has in store.”

Apple’s guidance for the first quarter of fiscal 2020 is expected revenue of $85.5-89.5 billion, a significant increase from the downturn of $84.3 billion in the same period last year, and is expected to break the quarterly revenue record of $88.3 billion in the same period in fiscal 2017.