Apple just announced a record high quarterly gross margin on Wednesday, the highest in 9 years.
The company said that its gross margin jumped to 42.5%, it’s the highest since 2012.
Apple maintains an average of 38% gross margin between 2013 and 2020.
The jump is believed to have gained the momentum from Apple’s effort to increase consumer’s spending on services like Apple Music, iTunes, Apple Pay and App Store.
Also, pricing the iPhone 12 US$100 more than previous year base model allowed the increase of the margin.
Apple’s shares climbed 3.6% after the earnings report was released.