Apple's record-breaking earnings reports continue on Tuesday with a strong fiscal third quarter, which saw revenue of $81.43 billion. This is a 36 percent increase year-over-year and a record-breaking June quarter. Analysts had expected it to surpass $73 billion. Apple posted a quarterly net profit of $21.7 million.This quarter has been traditionally slow for iPhone sales because consumers begin to shift their focus towards the new lineup of iPhones that Apple will announce in September. Sales were up nearly 50% compared to the same period last year, which is a reflection of Apple's momentum with its first 5G smartphones. Mobile carriers continue to push the iPhone 12 line with promotional discounts and other offers.Rumours suggest that the iPhone 13 Mini, 13 Pro and 13 Pro Max will receive iterative updates over last year's phones. The higher-end models may get a 120Hz display. Other enhancements to the processor and improved cameras will be available for the rest of the range. Apple will also be slightly reducing the notch on its iPhones this year.Sales of iPhones up by nearly 50%Both iPad and Mac sales increased year-over-year by 16.3 percent & 11.9 percent respectively. CEO Tim Cook stated that the Mac saw its best June quarter in almost a decade, while the iPads had their best since 2010. In recent months, Apple released a redesigned 24-inch iMac as well as an updated iPad Pro. These devices, which are powered by Apple's M1 chip technology, are among the most powerful Apple hardware. A Mini LED display is featured on the 12.9-inch iPad Pro. This technology is expected to be included in a new MacBook Pro later this year. The larger-sized iMac, Mac Pro and 16-inch MacBook Pro have not yet made the switch to Apple's silicon.Apple is continuing to be focused on its services. The June quarter saw an all-time high in revenue. Apple launched a lossless streaming tier in June to fuel Apple Musics' growth. Dolby Atmos spatial audio was also added for its premium music service. Ted Lasso is back for Apple TV Plus' second season. Apple also launched podcast subscriptions last month.Beta testing has begun for Apple's next major software updates: iOS 15, iPadOS 15, and tvOS 15. All of them will be released in the fall.Apple is still under significant regulatory scrutiny despite its business growth. This includes antitrust concerns, and Apple's control over the iPhones App Store. The FTC has barely been removed from the bitter trial with Epic Games. The FTC is now headed by antitrust pioneers and US lawmakers are considering a range antitrust legislation. CEO Tim Cook called Nancy Pelosi to warn him against pushing for rushed policies.During Monday's quarterly earnings call, Tesla CEO Elon Musk took the opportunity to critique Apple's walled garden. He said that we want to stress that our goal was to promote sustainable energy. It's not about creating a walled garden to use it to bludgeon other companies, he said.
