Apple ( AAPL ) reported fiscal first-quarter earnings that topped estimates as its services revenue rose, though iPhone sales fell short.

The iPhone maker’s revenue rose 4% year-over-year to a record $124.3 billion, roughly in-line with the analyst consensus from Visible Alpha. Earnings came in at $36.33 billion, an all-time high of $2.40 per share, compared to $33.92, or $2.28 per share, a year earlier and above expectations.

By segment, Apple's services revenue grew 14% to $26.34 billion. Mac and iPad sales also rose by double-digit percentages, up over 15% to $8.99 billion and $8.09 billion, respectively. However, the company's biggest source of revenue, iPhone sales, fell just under 1% to $69.14 billion, missing projections. It was the first full quarter since the iPhone 16 was released in September.

The results come amid concerns about falling sales in China, as Chinese smartphone makers like Vivo and Huawei have expanded their market share . The Greater China region was the only region in which Apple saw its sales fall in the first quarter from the year before.

Shares of Apple fell about 1.5% in extended trading Thursday following the release. The stock was down about 5% for 2025 so far through Thursday’s close.

UPDATE—Jan. 30, 2025: This article has been updated since it was first published to include additional information and reflect more recent share prices.

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