After three quarters in a row of double-digit revenue growth and a 30% year-over-year increase in earnings per share in Apple's (NASDAQ:AAPL) most recent quarter, the bar was set high going into the company's third-quarter fiscal 2018 earnings release. But Apple still managed to deliver some impressive numbers, including another quarter of accelerating revenue growth and a 40% increase in earnings per share.

Here's a look at the top- and bottom-line results, as well as other key takeaways from the quarter, including accelerated year-over-year growth rates in iPhone revenue, big numbers from services and other products, and more.

A packed Apple store after the iPhone X launch

Image source: Apple.

Apple third-quarter earnings: The raw numbers

Metric

Q3 2018

Q3 2017

Change

Revenue

$53.3 billion

$45.4 billion

17%

Earnings per share

$2.34

$1.67

40%

Gross profit margin

38.3%

38.5%

N/A

Data source: Apple's fiscal 2018 third-quarter consolidated financial statements

Apple's third-quarter revenue was $53.3 billion, up 17% year over year and at the high end of management's guidance range for third-quarter revenue of between $51.5 billion and $53.5 billion. Net income increased 32% year over year, but EPS saw outsize growth of 40%, thanks to Apple's aggressive share-repurchase program.

Speaking of Apple's share repurchases, management said it bought back $20 billion worth of its own shares, bringing Apple's total repurchases in the last two quarters alone to a stunning $43.5 billion.

Segment results

Product segment

Q3 2018 Revenue

Q3 2017 Revenue

Change

iPhone

$29.9 billion

$24.8 billion

20%

iPad

$4.7 billion

$5.0 billion

(5%)

Mac

$5.3 billion

$5.6 billion

(5%)

Services

$9.5 billion

$7.3 billion

31%

Other Products

$3.7 billion

$2.7 billion

37%

Data source: Apple's fiscal 2018 third-quarter segment data summary

Apple's iPhone segment continued to benefit from a successful iPhone 8- and iPhone X-fueled product cycle, with iPhone revenue surging 20% year over year, up from 14% growth in Q2. A higher average selling price for Apple's iPhones was the primary driver for this higher segment revenue, as iPhone unit sales only increased 1% year over year during the quarter.

Apple's services and other products revenue sustained their impressive momentum. Apple's second largest segment, services, saw revenue rise 31% year over year to $9.5 billion, while other products revenue soared 37% to $3.7 billion.

A pie chart showing Apple's third-quarter revenue by product segment.

Data source: Apple's fiscal 2018 third-quarter segment data summary. Chart by author.

Two segments, however, saw revenue decline on a year-over-year basis. iPad and Mac both saw revenue decline 5% year over year.

Apple notably saw strong growth in each of its major geographic segments, with the lowest year-over-year growth rate coming in at 7% for Japan and the fastest growth at 20% in the Americas.

Overall, the record third quarter was driven primarily by "strong sales of iPhone, Services, and Wearables," said Apple CEO Tim Cook about the quarter in the company's third-quarter earnings press release.

Looking ahead

Management is clearly optimistic about its fiscal fourth quarter -- a quarter that typically benefits from a few weeks of sales of new iPhones after they're launched in the fall. Management guided for fiscal fourth-quarter revenue between $60 billion and $62 billion, up from revenue of $52.6 billion in the fourth quarter of fiscal 2017. The midpoint of this guidance range represents 16% year-over-year revenue growth.

Looking ahead, Cook said Apple is "very excited about the products and services in our pipeline."

Daniel Sparks owns shares of Apple. The Motley Fool owns shares of and recommends Apple. The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool has a disclosure policy.