Apple reports robust demand for iPhone 16 even as overall sales in China slow

Company reports $94.9bn in revenue, slightly beating Wall Street projections in first look at demand for its new phone

Apple reported strong demand for the iPhone 16 in its quarterly earnings report on Thursday, though sales in China slightly decreased year-over-year. The company reported $94.9bn in revenue, up 6% year-over-year, and $1.64 in earnings per share (EPS). The company’s earnings slightly beat Wall Street projections of $94.4bn in sales and an EPS of $1.60.

The company saw $46.2bn in revenue from iPhone sales, up from $43.8bn year-over-year. Fourth-quarter revenue from its services division, which include subscriptions, increased from $22.31bn to $24.97bn year-over-year.