Apple hits new record for quarterly revenue

CHARLOTTE, N.C.– Apple’s new iPhone fell short of forecasts but that didn’t stop the company from reporting record sales. On Thursday, the world’s most valuable company reported $124 billion in revenue last quarter. The iPhone 16 made $69.7 billion, which is a billion less than analysts estimated for the holiday season. The company performed particularly poor in China, raking in $18.5 billion there, more than $2 billon less than estimates. Mac and iPad sales rose but the company says its services sector helped revenue tremendously. The services sector includes Apple TV+, Apple Music and device warranties. The segment grew to $26.3 billion from just over $23 billion during the same quarter in 2023. Apple shares shot up three percent in after hours trading on the report.