US technology firm Apple posted a record quarterly revenue in the July-September period of this year, but it failed to beat market expectations.

The company had a record revenue of $83.4 billion in the fourth quarter of its fiscal 2021 that ended on Sept. 25, which was up 29% from $64.7 billion the same period of last year, according to its financial results statement released late Thursday.

The market expectations for the revenue, however, was to come at $84.9 billion.

Net income increased 62% to $20.6 billion in July-September, from $12.7 billion year-on-year.

Record revenue was largely driven by higher sales of smartphones and services, according to the results.

Apple's iPhone sales jumped to almost $38.9 billion from $26.4 billion – over a 47% increase.

Services climbed 26% to almost $18.3 billion from $14.5 billion during that period.

Apple stock price closed Thursday at $152.57 per share for a 2.5% gain on the Nasdaq. With revenue release after closing bell, it declined 3.85% in after-hours trading./agencies