Turns out, Apple can fumble iPhone sales and still make Wall Street happy. The tech giant’s stock jumped 3.3% in after-hours trading, even after reporting a nearly $2 billion shortfall in iPhone revenue compared to analyst expectations. 

Apple pulled in $69.1 billion from iPhones last quarter, making up over 55% of its total revenue. But global iPhone shipments dipped 4% year-over-year, thanks to stiff competition in China from Huawei and Xiaomi. That market hit was big—Greater China revenue fell 11% to $18.5 billion. 

By the numbers:

• $124.3 billion – Total revenue last quarter (a new record) 

• $36.3 billion – Net profit (up 7.1% YoY) 

• $26.3 billion – Services revenue (up 14%) 

• 4% – Decline in global iPhone shipments 

• $3.57 trillion – Apple’s current market valuation 

Still, services revenue soared and Apple Intelligence—its AI push—has users excited (except in China, where it’s not yet available). Despite the iPhone miss, investors are staying bullish—because hey, who needs phone sales when you’ve got a $3.57 trillion valuation?