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Newer lines of business grab a sales boost for Apple

Apple’s newer lines of business such as Apple Pay, the App Store and Apple Music helped to drive growth of the company in its third quarter.

Apple, which has also forecasted strong sales, is expected to release new and updated iPhones next month.

Tim Cook, Apple’s CEO did not say anything about the new launch, but explained that the new launch and said reports about the new phones may have caused some people to “pause” their purchases of the existing phones.

Tim further added, “while that affects us in the short-term, it probably bodes well.”

People are waiting for the new models. Apple said the number of iPhones sold in the quarter increased a solid 2% year-on-year, driven by strong demand in markets such as Latin America and the Middle East.

In a statement, Apple explained that the number of iPads sold climbed 15% year-on-year, while revenues from the product increased 2%. The rise follows the introduction of new models, as well as increased efforts to incorporate the tablets into operations at schools and in businesses.

As per Apple, revenue from other devices, such as the Apple Watch, Apple TV and Beats products, jumped 23% year-on-year.

Tim said that success of its services unit, which includes Apple Pay, the App Store and Apple Music. The division had sales of nearly $7.3bn during the three months to the end of June, a rise of 22% on the same period last year.

Apple Pay now accounts for almost 90% of mobile payment transactions around the world, said chief financial officer Luca Maestri. Paying accounts on the App Store are also on the rise, Tim added.