SAN FRANCISCO — Apple on Thursday reported sales and profit that far surpassed expectations, showing that its efforts to re-route its sprawling global supply chain away from U.S. President Donald Trump’s trade war have so far succeeded.

Apple said it earned $94.04 billion in revenue for its fiscal third quarter ended June 28, up nearly 10% from a year earlier and beating analyst expectations of $89.54 billion, according to LSEG data. Its earnings per share of $1.57 per share topped expectations of $1.43 per share.

Sales of iPhones, the Cupertino, California, company’s best-selling product, were up 13.5% to $44.58 billion, beating analyst expectations of $40.22 billion.

Apple has been shifting production of products bound for the U.S., sourcing iPhones from India and other products such as Macs and Apple Watches from Vietnam. Still, the company had warned investors that U.S. tariffs could cost it $900 million in the fiscal third quarter, and it trimmed its annual share buyback program by $10 billion, a move analysts viewed as helping to free up cash to remain nimble in uncertain times.

The ultimate tariffs many Apple products could face remain in flux, and many of its products are currently exempt. Sales in its Americas segment, which includes the U.S. and could face tariff impacts, rose 9.3% to $41.2 billion.

In an interview with Reuters, Apple CEO Tim Cook said the company set seasonal records for upgrades of iPhones, Macs, and Apple Watches. He said Apple estimates about 1 percentage point of its 9.6% of sales growth in the quarter was attributable to customers making purchases ahead of potential tariffs.

“We saw evidence in the early part of the quarter, specifically, of some pull-ahead related to the tariff announcements,” Cook told Reuters, though he also said the active user base for iPhones hit a record high in all geographies.

The U.S. is still negotiating with both China and India, with Trump saying India could face 25% tariffs as early as Friday. However, analysts said India could still retain cost advantages for Apple in the longer term.

Tariffs are only one of Apple’s challenges. The company faces competition from rivals such as Samsung in a tough market for premium-priced mobile phones. On the software front, Apple faces challenges from Alphabet, which is quickly weaving AI features into its competing Android operating system.

Apple has delayed the release of an AI-enriched version of Siri, its virtual assistant, but Cook said the company is “making good progress on a personalized Siri.” He also said Apple, which has thus far not engaged in the massive capital expenditures of its Big Tech rivals to pursue AI, is “significantly growing” its investments in artificial intelligence.

“Apple has always been about taking the most advanced technologies and making them easy to use and accessible for everyone, and that’s at the heart of our AI strategy,” Cook said.

Apple faces regulatory rulings in Europe that threaten to undermine its lucrative App Store business. Apple said sales from its services business, which includes the App Store as well as music and cloud storage, were $27.42 billion, topping analyst expectations of $26.8 billion.

Sales of wearables such as AirPods and Apple Watches were $7.4 billion, missing estimates of $7.82 billion. Mac sales of $8.05 billion beat expectations of $7.26 billion, while iPads hit $6.58 billion in sales, missing expectations of $7.24 billion.

In Greater China, where Apple has faced long delays in approval to introduce AI features on its devices, sales were $15.37 billion, up from a year ago and above expectations of $15.12 billion, according to a survey of five analysts from data firm Visible Alpha.

Apple said gross margins were 46.5%, beating analyst expectations of 45.9%, according to LSEG estimates.

JPMorgan Chase has built 1,000 new branches in seven years. That’s more locations than most of its competitors operate in total.

The bank is marking the milestone opening in Charlotte, North Carolina, on Thursday where Chairman and CEO Jamie Dimon is attending a ribbon-cutting ceremony. The firm has roughly 5,000 branches, the most of any American bank, according to Federal Reserve data from March.

“It’s a great marker for us to be able to say, you can see our commitment over time and we’re on a marathon with regard to this expansion,” said Jennifer Roberts, the CEO of Chase Consumer Banking, in an interview. “A thousand [branches] is significant — a thousand is bigger than many regional competitors have at all.”

In 2018, JPMorgan operated bank branches in 23 states and said it would expand into as many as 20 new markets over the following five years with about 400 new locations. By 2021, the firm said it had branches in all 48 lower states. And last February, JPMorgan announced a new, multibillion-dollar investment to open another 500 new locations by 2027.

JPMorgan said over the past seven years, Chase has opened more bank branches than all of its large bank peers combined. However, many of JPMorgan’s competitors have recently announced plans to expand their own footprints as the quest for deposits heats up.

Bank of America recently announced a branch expansion, with plans to open 150 new centers by 2027. And Wells Fargo plans to add branches, especially now that it’s fulfilled a regulatory consent order that had been constraining its growth.

The industry-wide growth plans could help reverse a trend dating back to the 2008 financial crisis in which the U.S. has seen the net number of bank branches plummet. The combination of fewer overall banks and the advent of online banking has broadly made brick-and-mortar locations lower priority. However, in recent years, especially amid the population migration during and after the pandemic, banks have been reorienting their footprints to capture more deposits.

Expanding in Charlotte puts JPMorgan head-to-head with rival Bank of America, which is headquartered there and has 71% market share in the city, according to KBW and S&P Global Market Intelligence data.

Roberts said after this latest opening, Chase will have about 75 branches in North Carolina. She said that the bank is expanding there due to its “young, fast-growing population” and that there’s a “lot of wealth coming into that area” as well.

JPMorgan said at its investor day in May that its newer branches are expected to ultimately contribute more than $160 billion in incremental deposits. The firm said each new branch breaks even within four years.

JPMorgan said when its expansion is complete, Chase will have added more than 1,100 branches, renovated 4,300 locations and entered 80 new markets. It also expects that 75% of the U.S. population will be able to reach one of its branches within an “accessible drive.”