Apple (NASDAQ:AAPL) unveiled its fiscal first-quarter results on Thursday, surpassing Wall Street forecasts despite iPhone sales not meeting expectations due to challenges in China and increased competition. Following the announcement, shares of Apple declined over 2% intra-day today.

The tech giant reported earnings per share of $2.18 with total revenue reaching $119.58 billion, exceeding the expectations of Wall Street analysts, who had predicted an EPS of $2.10 on revenue of $118.06 billion.

This revenue achievement occurred even as sales in Greater China dropped 13% to $20.82 billion, impacting iPhone sales within a competitive market environment.

iPhone sales, contributing to roughly half of Apple’s overall revenue, increased to $69.70 billion from $65.78 billion the previous year, yet fell short of the $67.82 billion forecast.

Revenue from Apple’s services sector, which includes Apple Music, Apple TV+, and iCloud, grew to $23.12 billion from $20.77 billion in the preceding year but did not meet the anticipated $23.35 billion.

The wearables, home, and accessories category generated $11.95 billion in revenue, a decrease from $13.48 billion in the prior year, yet surpassed the expected $11.56 billion.

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