Apple Inc (NASDAQ:AAPL, ETR:APC) investors are set for a $114 billion boost when the shares start trading later on Friday.
Ahead of the bell, the stock in the world's largest company was up 3.2% at $245.09.
It followed quarterly results after-hours that contained an upbeat assessment of prospects.
The print revealed that revenue grew 4% in its first fiscal quarter, but iPhone sales fell short of Wall Street expectations, and China sales dropped 11%.
Earnings per share hit $2.40, beating estimates of $2.35. Total revenue reached $124.3 billion, slightly above expectations. Mac and iPad sales surged 15%, while iPhone revenue came in lower than forecast at $69.14 billion. Services revenue rose 14% to $26.34 billion.
CEO Tim Cook said iPhone 16 sales were stronger in markets where Apple Intelligence AI had launched. He cited inventory shifts, lack of AI availability, and potential Chinese government subsidies as factors in the China sales decline.
Apple reported a record gross margin of 46.9% and paid $30 billion in dividends and share buybacks.