Apple reports record revenues despite stagnant iPhone sales

Apple reported its earnings results for the third quarter of the 2024 fiscal year, and it satisfied investors' expectations at the top level with 5 percent growth year over year. The company set a third-quarter record with $85.8 billion in revenue.

Despite that growth, a couple of key things investors were concerned about—overall iPhone sales and revenue in China—slipped downward, and Apple's stock fell slightly in after-hours trading.

Revenue in China fell to $14.7 billion, down 6.3 percent from a year ago, as Apple faces fierce competition from Huawei and other smartphone companies. CEO Tim Cook said on the investor call that iPhone models are still the top sellers "in urban China."