India, July 31 -- Apple reported its third quarter earnings on Thursday and Apple's iPhone business delivered a sharp increase in sales revenue in the fiscal third quarter, helping the company exceed Wall Street expectations despite weaker-than-expected Services and Greater China revenue.

iPhone Revenue Rises 22% to USD 54.2 Billion Apple reported iPhone revenue of USD 54.25 billion for the quarter, up 21.7% from USD 44.5 billion a year earlier. The figure also exceeded analysts' expectation of about USD 53.5 billion. The result marked a quarterly record for iPhone revenue and made the smartphone business the largest contributor to Apple's USD 109.42 billion quarterly revenue.

The increase in iPhone revenue was a key factor behind Apple...