Apple hits record revenue

(CNN)– Apple’s new iPhone fell short of forecasts, but that did not stop the company from reporting record sales.

Thursday, Jan. 30, the world’s most valuable company reported $124 billion in revenue last quarter.

The iPhone 16 made $69.7 billion which is a billion less than analysts estimated for the holiday season.

The company performed particularly poorly in China, raking in 18.5 billion there, which is more than 2 billion short of estimates.

But what really propped up Apple’s revenue was its services sector.

That includes things like Apple TV+, Apple Music, and device warranties.