Apple with revenue growth of 119.6 billion dollars

For the first time in recent quarters, Apple reported sales growth, with revenue up marginally from a year earlier and profit topping expectations, AFP reports.

Sales in China, however, declined in the October-December period amid concerns of intensifying competition in the key market.

Shares of the iPhone maker fell 0.9% in aftermarket trading.

For its most recent quarter, Apple generated sales of $119.6 billion, up 2% from a year earlier.

For the quarter, its profit totaled $33.9 billion and its diluted earnings per share came in above expectations at $2.18.

"Today, Apple reported revenue growth for the December quarter, fueled by iPhone sales, and all-time record revenue in services," Chief Executive Tim Cook said in a statement.

The company's closely watched iPhone sales totaled $69.7 billion, also an improvement over the same quarter in 2022.

But concerns about the Chinese market cast a shadow over the news.

The company said its net sales in "Greater China" - including mainland China, Hong Kong and Taiwan - fell from a year earlier to $20.8 billion in the latest quarter.

Data from Counterpoint Research shows that in the last three months of last year, Apple's share of the smartphone market reached its highest since late 2020.

This is largely due to the recovery from the previous Covid-19-related shutdowns that led to production disruptions.

Counterpoint added that the final months of the year are typically a strong period for Apple, with iPhone sales boosted by holiday demand.

Looking ahead, investors are eyeing the unveiling of the highly anticipated Vision Pro mixed reality headset, which will be released in the U.S. today. /BGNES