Apple profit climbs but sales miss expectations [Video]

Apple reported its revenue was a whopping $124.3 billion in the year-end holiday quarter but sales growth fell shy of market expectations as the iPhone faces stiff competition, particularly in China.

Apple logged $36.3 billion in profit in what chief executive Tim Cook called its “best quarter ever.”

Revenue growth was powered by Apple’s service and digital content unit, with iPhone sales slipping in markets like mainland China where they tallied $18.5 billion.

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