Apple Inc (NASDAQ:AAPL, ETR:APC) reported stronger-than-expected earnings for the third quarter of 2024, but its performance in China was below analyst forecasts.
For the quarter, Apple's earnings per share (EPS) came in at $1.40, surpassing the consensus estimate of $1.35. Revenue for the period was $85.8 billion, exceeding the expected $84.53 billion.
Despite the positive overall results, Apple's sales in China disappointed. The company recorded $14.72 billion in net sales from Greater China, falling short of the estimated $15.2 billion. This marks a slight decline from the previous quarter's $15.76 billion in China net sales.
The company's iPhone sales totaled $39.3 billion, beating the forecast of $38.81 billion but falling short of the previous quarter’s $39.67 billion. Apple's services revenue saw a significant increase, reaching $24.21 billion compared to $21.21 billion in the prior quarter.
Regionally, Apple's Americas net sales rose to $37.68 billion, up from $35.38 billion in the prior quarter.
Overall, while Apple outperformed on EPS and revenue expectations, the softer-than-expected sales in China pose a challenge for the company's growth in one of its key markets.
Shares were largely unchanged in afterhours trading, hovering around Thursday’s closing price of $218.36.