Apple increased its net profit by 93%, the revenue was a record for 3 financial quarters. Apple increased its fiscal third quarter net income by 93% and revenue by 36%, both of which beat market forecasts. Apple's revenue was $ 81.43 billion and was a record for the third financial quarter. The consensus forecast of experts for this indicator was $ 73.34 billion. The company showed record revenue figures in all geographic segments and double-digit revenue growth rates in each product category. Net income for the quarter ended June 26 was $ 21.74 billion, up from $ 11.25 billion in the third quarter of the previous fiscal year. Earnings per share increased to $ 1.3 from $ 0.65, beating the market consensus of $ 1.01.
IPhone revenue surpassed analyst expectations by more than $ 5 billion: the figure rose 50% to $ 39.57 billion against the consensus forecast of $ 34.19 billion. Apple's Mac revenue jumped 16% to $ 8.24 billion (forecast - $ 7.86 billion), service revenue (App Store, Apple Music, Apple Pay and iCloud) increased by 33%, to a record $ 17.49 billion (forecast - $ 16.26 billion). Sales of the iPad brought Apple revenue of $ 7.37 billion (+ 12%), wearable devices and accessories - $ 8.78 billion (+ 36%). Analysts on average expected Apple to reach $ 7.17 billion in iPad revenues, and $ 7.83 billion in wearable and accessory revenues. Apple's sales in Greater China (PRC, Hong Kong and Taiwan) in the third financial quarter rose 58% to $ 14. 76 billion. Revenue in the Americas increased by 33%, to $ 35.87 billion, in Europe - by 34%, to $ 18.94 billion, in Japan - by 30%, to $ 6.46 billion.
We love Apple's business and believe that the company's sales are in the early stages of a multi-year growth cycle. First, we forecast high margin services revenue to continue to rise, so earnings per share could rise from $ 1.1 in 2019 to $ 2.4 in 2022. As sales of new devices have grown, the number of subscriptions and paid transactions has set a new all-time high, which is a positive sign for the future monetization of this segment. Secondly, we predict that iPhone sales will show a stable growing dynamics, since about 200 million sales per year are generated by a loyal audience by buying new models instead of old ones. We are seeing a sharp increase in demand for the company's products in China and we highly appreciate the smartphone sales prospects in India in the long term.
Thirdly, we really like the dynamics of sales of paid subscriptions. We believe that next year the profit from sales of services will be able to exceed the profit from sales of smartphones. The generation of unique content and its promotion through subscriptions will provide additional support to the service segment. Fourth, we believe that volatile revenue from subscriptions to the App Store, Music, TV +, Arcade and News + could increase significantly in the future (28% CAGR FY19-21E). Finally, as offline stores open and the global economy recovers, the company will begin to show growth in Apple Care sales and increase advertising revenues. We also note a number of potential drivers that may soon materialize, namely the normalization of relations between the US and China, the opening of Apple Stores in India, the iPhone's growing share of the global smartphone market, and the company's entry into the electric vehicle market.
Apple is a leading designer and manufacturer of mobile communications and personal media devices, personal computers, and accessories, and sells a range of software, services, and third-party digital content and applications. Apple has helped to expand existing or create new product segments over the past decade that include smartphones and tablets with iconic products such as the iPhone and iPad. The company’s emphasis on product design and best user experience applies to not only hardware products such as the Mac, Apple Watch, Apple TV, AirPods, and HomePod, but also operating systems that include iOS, macOS, watchOS, and tvOS, and software applications and content delivery services that encompass the iTunes Store, App Store, Mac App Store, TV App Store, Book Store, Apple Music, iCloud, and Apple Pay. In FY20, iPhone represented 50% of total sales followed by Services at 20%, Mac 10%, iPad 9%, and Other Products (wearables, home, accessories) 11%.