• Apple blew past Wall Street's expectations for its fiscal third-quarter earnings, reporting revenue of $59.7 billion.
  • Apple reported iPhone revenue of $26.4 billion for the quarter, an increase of 2% from the year-ago quarter.
  • Apple reported growth across all of its product lines for Q3, from the iPhone, which has seen slowed growth in recent years, to its booming wearables and services businesses. 
  • The results come just after CEO Tim Cook testified before Congress about the company's App Store policies, an important part of Apple's growing services business. 
  • We'll be covering Apple's earnings live, so refresh this story for the latest. 
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Apple posted revenue of $59.7 billion for its fiscal third quarter, breezing past Wall Street's muted expectations and showing growth across all product categories — including the iPhone. Shares of Apple swere up about 5% after hours, pushing the company's stock price above $400 for the first time in the company's history.

Here's a look at the key numbers:

  • Q3 revenue: $59.7 billion. Analysts were expecting $52.3 billion. In the same quarter a year ago, Apple posted revenue of $53.8 billion.
  • Q3 earnings per share: $2.58. Analysts were looking for $2.07. In last year's Q3, Apple earned $2.18 a share.
  • iPhone revenue: $26.4 billion. Apple posted iPhone revenue of $25.9 billion a year ago.
  • Services revenue: $13.1 billion. Apple's revenue segment generated $11.5 billion in the same period last year.
  • Wearables revenue: $6.4 billion. Apple posted $5.5 billion in revenue for its wearables business in last year's third quarter.

Total revenue increased 11% compared to the year-ago quarter, which Apple said was driven by both products and services — and reflected growth across all geographic segments.

Apple did not issue revenue guidance for its fiscal fourth quarter. 

The better-than-expected earnings come as the pandemic has created uncertainty for Apple's business. In its fiscal second quarter three months ago, Apple reported revenue growth of just 1% — billions below its initial guidance for that quarter, which it rescinded before reporting its results. Apple didn't issue guidance for its fiscal third quarter because of the pandemic. 

Apple's iPhone revenue showed growth of 2% in Q3, driven by stronger demand in May and June, after several quarters of slumping sales. Apple's booming wearables and accessories businesses had previously served as bright spots in the company's previous earnings reports as iPhone sales had stalled, but in its latest quarter Apple saw growth across all product segments.

Wearable sales growth decelerated as expected, but the segment still hit record sales for a non-holiday quarter.

"In uncertain times, this performance is a testament to the important role our products play in our customers' lives and to Apple's relentless innovation," Apple CEO Tim Cook said in a press release.

Analysts will also likely be looking for clues about whether Apple's anticipated 5G iPhone is on track to launch during its usual fall timeframe during the company's earnings call — especially since Apple didn't issue Q4 revenue guidance. 

The results also come on the heels of a major antitrust hearing on Wednesday, in which CEO Tim Cook testified about the company's App Store policies. Analysts may also ask about how Apple is bracing for any regulation that may result from House Antitrust Subcommittee's investigation, considering the App Store is an important part of Apple's services business. 

Apple also announced it would institute a 4-for-1 stock split to make the stock "more accessible to a broader base of investors."

Each Apple shareholder of record at the close of business on Aug. 24 will receive 3 additional shares for every share held. Trading will begin on a split-adjusted basis on Aug. 31.

This story is developing. Please refresh for the latest.