The news: Apple’s services business is driving revenue forward, accounting for more than a quarter of its $94.9 billion revenue in Q4.

• iPhone sales reached $46.2 billion, up 5.5% YoY. But reports of declining overall sales in China brought Apple shares down 1.3% the day after it reported its earnings.
• Wearables revenue dropped 3.3%, which could be due in part to declining sales of its Vision Pro headset.