Apple’s latest quarterly earnings exceeded Wall Street’s expectations, but the company’s stock has shown a slight dip in after-hours trading, weighed down by an 11% drop in sales from China.
As of Thursday, Apple shares were trading at $236.75 in after-hours trading on the New York Stock Exchange, down 0.35 percent. The stock had already closed the regular trading session 0.74 percent lower.
In its earnings report, released shortly after the market close, Apple revealed that revenue for the past quarter totaled $124.3 billion, surpassing the market forecast of $124.1 billion.
Earnings per share also beat expectations, coming in at $2.40, compared to the anticipated $2.35.
However, the tech giant faced a significant challenge in China, where sales tumbled by 11%. Apple has been grappling with growing competition in the Chinese market as local companies like Huawei continue to gain ground.
In response to this news, Apple’s stock fell in after-hours trading, though the decline remained modest, at less than 1%.