Apple has been performing extremely well in terms of sales and revenues and the company just released the company's third-quarter results. The earnings are indicative of the fact, that Apple has been earning most of its money from services and hardware sales. 

Apple sold 41.3 million iPhones during the third quarter of the fiscal year. The sales figures were only marginally lower than what was expected by Wall Street, however, Apple made up for it with an increased average selling price. 

The average selling price of the iPhone stood at $724, thanks to the higher priced iPhone X that retails starting at $999. 

© MensXP/Naasir Jamaal

“We're thrilled to report Apple's best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth,” said Tim Cook, Apple's CEO. “Our Q3 results were driven by continued strong sales of iPhone, Services, and Wearables, and we are very excited about the products and services in our pipeline.”

© MensXP

“Our strong business performance drove revenue growth in each of our geographic segments, net income of $11.5 billion, and operating cash flow of $14.5 billion,” said Luca Maestri, Apple's CFO. “We returned almost $25 billion to investors through our capital return program during the quarter, including $20 billion in share repurchases.” 

© Apple

In terms of revenue from services, Apple says the company earned $9.54 billion in revenue in the last quarter, a 31 percent year-over-year growth. 

Apple earns the majority of its revenue in services from the App Store, Apple Music, Apple Care, Apple Pay, Cloud services and other business solutions. Apple recently celebrated the 10th anniversary of the App Store and said the company has paid $100 billion to developers.

Apple earned $29.9 billion in revenue from iPhone sales, which is a 20 percent increase from the same period last year. Even though the iPhone sales declined considerably, thanks to increased competition in premium smartphone space. 

Apple is now looking to launch new iPhone models later this year that will have a similar design to the iPhone X.