Apple (AAPL) announced its third quarter earnings after the bell on Thursday, beating analysts' expectations on the top and bottom lines despite a

Apple beats Q3 expectations despite a decline in iPhone sales

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2024-08-01 21:30:05

Apple (AAPL) announced its third quarter earnings after the bell on Thursday, beating analysts' expectations on the top and bottom lines despite a year-over-year decline in iPhone sales.

Wall Street was closely watching Apple's performance in China, one of its most important markets, as the company has fought to regain market share from homegrown rivals including Huawei, but fell short of expectations in the region.

Apple saw revenue out of Greater China top out at $14.7 billion. Analysts surveyed by Bloomberg were anticipating revenue of $15.2 billion. Apple reported China revenue of $15.7 billion in the same quarter last year. Overall iPhone sales hit $39.2 billion versus expectations of $38.9 billion, falling short of the $39.6 billion Apple saw in Q3 2023.

Despite the miss, Apple CFO Luca Maestri told Yahoo Finance's Josh Lipton that the company's sales are generally improving in the region. What's more, Maestri said Apple is seeing record upgrades in the country and that sales were better than in the first half of the year.