Apple's iPhone revenue grows over 20 percent

Apple reported a robust performance in its iPhone business for the past quarter, with revenue climbing by nearly 22 percent year-over-year to $54.25 billion. This significant growth exceeded the average expectations of financial analysts.

The quarter ending in June marked the final full period under the leadership of long-time CEO Tim Cook, who is set to hand over the reins to John Ternus, the current head of hardware, in September. Overall, Apple's total revenue saw a 16 percent increase, reaching over $109.4 billion, while net profit jumped 27 percent to nearly $29.8 billion.

Apple attributed some of its profit increase to previously recorded reimbursements of U.S. import duties. These reimbursements became applicable after certain measures imposed by former President Donald Trump were overturned by the U.S. Supreme Court. However, the company fell short of higher analyst expectations in its services division and its business in the China region, despite experiencing growth in both areas.

Following the announcement of these financial results, Apple's stock experienced a decline of approximately four percent in after-hours U.S. trading.