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Apple earnings top Wall Street forecasts while iPhone, China sales fall short

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Apple reported earnings per share of $ 2.40 on revenue of $124.3 billion in the first quarter .

The company's Greater China sales topped out at $18.5 billion .

Apple ’s iPhone segment brought in $69.1 billion versus expectations of $71 billion .

Jefferies and Loop Capital downgraded shares last week on fears of sluggish iPhone sales.