CUPERTINO, California — Apple on Monday reported record fiscal fourth-quarter revenue, driven by strong early demand for its new iPhone Duo and continued growth in its Services division. The results beat analyst expectations compiled by Refinitiv.

Chief Executive Tim Cook said iPhone revenue rose despite well-documented pre-order delays on the Duo model, which prompted Verizon last week to apologise to affected customers and offer $100 gift cards. Apple's Services segment, which includes the App Store, iCloud and Apple Pay, reached a new quarterly high.

Apple's chief financial officer, Kevan Parekh, told analysts the company faced supply constraints on the iPhone Duo during the quarter but expected the backlog to clear in the holiday period. The company issued guidance pointing to continued double-digit Services growth into its December quarter.

Apple is leaning more heavily on recurring Services income to cushion hardware cycles and ease investor concern over its slower artificial intelligence rollout. Analysts at Morgan Stanley and Wedbush had flagged the Duo launch as a key test of pricing power in a maturing smartphone market.

Shares moved in after-hours trading following the release, as investors parsed gross margin figures and the outlook for Greater China, where Apple has faced intensifying competition from domestic rivals.