Apple Surges on Strong iPhone Sales, But Share Price Drops

Apple's latest quarterly earnings report has sent its stock price slumping by 7% in after-hours trading. The tech giant's fiscal third-quarter results exceeded analyst expectations, with a new all-time high revenue figure of $109.4 billion, up 16% year over year.

The surprise growth driver was the iPhone, which saw sales leap by 22% to just below $54.3 billion. This accounted for 69% of total product revenue and was attributed to sustained demand for the new iPhone 17 model.

Management attributed the strong performance to Apple's decision to pack advanced features into standard models rather than limiting them to pricier Pro versions.