Apple quarterly profit, revenue top Wall Street targets but China lags
(Reuters) -Apple on Thursday forecast a drop in iPhone sales and targeted overall revenue $6 billion below Wall Street expectations as its China business took a hit. This overshadowed overall fiscal first-quarter sales and profit that beat analysts' targets, powered by iPhone growth, sending Apple shares down 3% in after-hours trade. "China is the most competitive smartphone market in the world, and that hasn't changed," Apple CEO Tim Cook told Reuters in an interview.