Apple Inc. reports third-quarter earnings

Apple Inc.’s third-straight quarter of revenue growth came on the heels of its $11 billion deal to buy Beats Electronics, the maker of Beats headphones and music streaming services.

The company said Wednesday it earned $1.21 billion in revenue, or 29 cents per share, on $1 billion in sales for the quarter.

Revenue was down slightly from $2.15 billion, or $1 per share.

Analysts had expected a loss of 26 cents per dollar on revenue of $4.8 billion.

Apple said it earned a record $7.2 billion on revenue $2 billion in cash and cash equivalents.

Apple is expected to report adjusted earnings per share of $0.08.

The company’s market capitalization was $72 billion at the end of the third quarter.

Apple Chief Executive Tim Cook said Beats is a strategic partner for Apple and “will play an important role in the long-term growth of the company.”

The acquisition will help Apple expand its reach beyond music and gaming to other categories.

The Beats acquisition is expected pay dividends in the first quarter of 2019.

Apple shares were up 2 cents, or 0.5%, to $107.94 in early trading on the New York Stock Exchange.

Shares of Apple rose 1.2% to $96.35 in early trade.