Apple beats earnings forecast despite decline in iPhone sales

Tech giant’s revenue rises 4.9% to $85.78bn despite phone sales falling 0.9% and trend of decline in key China market

Apple reported better-than-expected earnings in the third quarter of 2024, with buzz about its new AI features offsetting a continuing decline in its key China market.

Earnings exceeded analyst predictions despite a year-over-year decline in iPhone sales, with revenue rising 4.9% to $85.78bn in the three months ending 29 June, beating the average analyst estimate of $84.53bn. The company maintained its cash dividend at 25 cents for each share.