Services drove Apple’s best third quarter ever, but iPhone sales aren’t growing

Enlarge / Apple CEO Tim Cook speaks about the new Apple headquarters during a media event in Cupertino, California, on September 12, 2017. (credit: JOSH EDELSON/AFP/Getty Images)

Apple reported very strong earnings to investors on its quarterly earnings call today. The company beat most analysts' predictions for the quarter with a 17-percent increase in revenue year over year.

As with several recent quarters, the biggest success story is Apple's services business, which includes Apple Music, iCloud, Apple Pay, the App Store, AppleCare, and more. It rose 31 percent compared to the same quarter last year, putting it at $9.54 billion.

"We're on target to reach our goal of doubling our fiscal 2016 services revenue by 2020," CEO Tim Cook assured investors on the call.

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