Apple quietens Wall Street's fears of China struggles and slow AI progress

Apple has been under pressure this year. It's playing catch-up to its fellow tech giants on artificial intelligence, it's seen its stock fall by double digits since the year began, it closed a store in China for the first time ever this week, and looming US tariffs on Beijing threaten its supply chain. On Thursday, the company released its third-quarter earnings of the fiscal year as investors scrutinize how the iPhone maker might turn things around. Despite the gloomy outlook, the company is still worth more than 3tn, and it beat Wall Street's expectations for profit and revenue this quarter. Apple reported a massive 10% year-over-year increase in revenue to 94.04bn, and 1.57 per share in earnings.