Apple shares slide despite earnings and revenue beat, iPhone revenue misses

Financial Performance - Apple reported earnings per share (EPS) of $1.85, exceeding the expected $1.77, and revenue of $102.47 billion, slightly above the anticipated $102.24 billion [1] - iPhone revenues were reported at $49.03 billion, missing the street expectation of over $50 billion, although sales were still up 6% year-on-year [2] Services Growth - The services segment, a key growth driver for Apple, saw a 15% year-on-year increase, reaching $28.75 billion, which was a slight beat compared to the expected $28.17 billion [2] - This marks the first time Apple's services business has surpassed $100 billion in revenue for the fiscal year [2] Future Guidance - Apple provided strong guidance for the December quarter, predicting revenue growth of 10% to 12% year-on-year, with iPhone revenue expected to increase by double digits, potentially leading to the best sales quarter for iPhone ever [3] - Tim Cook expressed optimism about the demand for the iPhone 17, noting supply constraints on several models, which contributes to the positive outlook [5] Market Insights - Tim Cook indicated expectations for China to return to growth in the upcoming quarter, driven by the reception of the iPhone 17 family [6] - There are ongoing developments in artificial intelligence, with plans for a significant update to Siri and intentions to integrate with more AI models over time [7][8]