The company on Thursday announced quarterly earnings per diluted share of US$1.53 as iPhone sales were reported to have fallen by 10% to US$45.96 billion.
In China, sales of iPhones tumbled by 19.1% year-on-year for the first three months of 2024, according to the technology analyst firm Counterpoint Research.
The iPhone dropoff came as total smartphone sales for China grew by 1.5% year-on-year and 4.6% quarter-on-quarter, the second straight quarter of growth.
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Apple chief executive Tim Cook referred to the fact that the quarter marked a revenue record for its Services business.
“Today Apple is reporting revenue of US$90.8 billion for the March quarter, including an all-time revenue record in Services,” said Cook.
“During the quarter, we were thrilled to launch Apple Vision Pro and to show the world the potential that spatial computing unlocks.
"We’re also looking forward to an exciting product announcement next week and an incredible Worldwide Developers Conference next month.
"As always, we are focused on providing the very best products and services for our customers, and doing so while living up to the core values that drive us.”
“Thanks to very high levels of customer satisfaction and loyalty, our active installed base of devices has reached a new all-time high across all products and all geographic segments, and our business performance drove a new EPS record for the March quarter,” said chief finance office Luca Maestri.
“Given our confidence in Apple’s future and the value we see in our stock, our board has authorised an additional US$110 billion for share repurchases. We are also raising our quarterly dividend for the 12th year in a row.”
The company reported net income of US$23.64 billion, or US$1.53 per share, down 2% from US$24.16 billion, or US$1.52 per share, in the corresponding period a year earlier.
