Result for the company, which earned $30.71bn and exceeded analysts’ expectations, bucked downward trend for tech firms

Apple Inc posted stronger-than-expected revenue in the fiscal third quarter, giving John Ternus, the new CEO, an upbeat start to his tenure, which began in September. The solid results bucked a downward trend for tech giants this quarter, as companies including Alphabet, Amazon and Intel had disappointing quarterly results.

“Apple’s strong earnings come in the wake of a recent tech sell-off, as investors question the enormous cost and uncertain returns of the AI boom driven by Apple’s big tech counterparts,” said Jacob Bourne, an Emarketer analyst, adding that record iPhone revenue and strong growth in China demonstrate the resilience of Apple’s business.