Apple Inc (NASDAQ:AAPL, ETR:APC) reported quarterly earnings that topped Wall Street expectations on Thursday, with record revenue of $124.3 billion, despite a decline in iPhone sales in China.
The company posted earnings per share (EPS) of $2.40, surpassing analysts' estimates of $2.35.
Revenue rose 4% from the previous year, exceeding the $124.12 billion consensus forecast.
However, iPhone sales dropped 11.1% in China during the key December quarter, highlighting concerns that Apple’s artificial intelligence push has yet to spark a new upgrade cycle for its flagship product.
While the earnings beat provided some relief to investors, the report showed ongoing challenges in one of Apple's most critical markets.
Apple shares were flat to slightly positive in after-hours trading.