"Apple's Quarterly Profit Beats Expectations Despite China Sales Lag"

Apple forecasts a drop in iPhone sales and targets revenue $6 billion below Wall Street expectations, with China sales lagging due to competition from Huawei and foldable phones. Despite beating analyst expectations in fiscal first-quarter sales and profit, Apple's shares fell 3% in after-hours trade. The company's revenue forecast for the current quarter is at least $5 billion less than a year ago, with iPhone sales expected to be around $46 billion, marking the worst fiscal second quarter of iPhone sales since 2020. Apple's services business saw growth, but its wearables segment, including AirPods and Apple Watch, fell, and the company faces challenges in Europe with a new law allowing developers to bypass paying commissions to Apple.