Apple revealed on Wednesday that its revenue for the most recent quarter totaled $111.4 billion, surpassing both investor predictions and the company’s prior record for quarterly revenue. Despite this impressive performance, the stock experienced a slight decrease in value during after-hours trading following the announcement.

This substantial figure also exceeded the forecasts of financial analysts for the first quarter. Apple outperformed expectations regarding both earnings per share and overall revenue, achieving $111.4 billion in revenue and $1.68 EPS, significantly more than the anticipated $103.3 billion in revenue and $1.41 EPS.

While certain stocks, such as GameStop and AMC, have witnessed substantial gains exceeding 100%, Apple’s results highlight a continuation of typical market behavior. Investors maintain high expectations for major technology companies whose market capitalization and stock prices have recently reached unprecedented levels. Even without a significant market reaction to the earnings report, Apple’s stock has increased by over 23% since its last earnings release in late October.

The revenue increase from Apple’s first quarter represents a 20% rise compared to the same period last year, with a considerable portion of this growth originating from China. Revenue within that region increased by almost 57%, reaching $21.3 billion compared to $13.6 billion in the previous year’s quarter.

Regarding revenue generated by product category, the iPhone led the way with $65.6 billion in sales, an increase from $56 billion during the corresponding quarter last year. The later release date of Apple’s newest iPhone models contributed to a larger representation of early sales within this quarter’s figures.

The iPhone wasn’t the only product experiencing growth; iPad sales increased at a faster rate than Mac sales, nearly equaling the latter with $8.4 billion in iPad revenue and $8.7 billion in Mac revenue. The Wearables, Home and Accessories segment reached $13 billion, while Services achieved a record $15.8 billion.

Further details from the earnings conference call will be provided as they become available.