Apple Earnings: Shares Fall as China Mishap Outweighs Fall in iPhone Revenue

Apple released headlines for its fiscal fourth quarter on Thursday, but investors may have found at least one point to nitpick.

Greater China revenues, although stabilizing after four quarters of decline, fell short of expectations by about $1 billion. It amounted to $15.03 billion versus $15.08 billion a year earlier. But the FactSet consensus was $16.08 billion.

Many companies this earnings season have reported pressure on consumers in China.

The bright spot for Apple was iPhone revenue growth, which was about $1 billion better than expected at $46.22 billion. Apple CEO Tim Cook said Apple Intelligence software is a “compelling reason to upgrade.”