Apple's Record Quarter Despite iPhone Sales Decline

Apple reported its best-ever quarter, achieving a revenue of $124.3 billion and earnings per share of $2.40, both surpassing Wall Street expectations, despite weaker-than-expected iPhone sales and a decline in China revenue. The company's services, Mac, and iPad sales saw significant growth due to advancements in Apple's silicon and AI features, known as Apple Intelligence. Although iPhone 16 sales were weaker, Apple Intelligence appeared to boost sales in some markets, but its rollout has been slow, particularly in China where regulatory challenges persist. CEO Tim Cook expressed optimism about AI's potential and highlighted that Apple Intelligence will expand to more languages in April. Apple's overall net income was $36.3 billion, and the company returned over $30 billion to shareholders. Despite missing iPhone sales targets, Apple's strategic focus on AI and strong performance in other product categories helped maintain its market position.