iPhone sales rise slightly (but shares fall 3%) – as boss Tim Cook says he won’t make a deal to bring ‘life-saving’ health feature back to Apple Watches

Apple on Thursday reported revenue and profit that topped Wall Street estimates, driven by growth in its iPhone business.

But the sales in China missed analysts’ targets – and experts said it pushed the stock price down more than 3 percent below $181 at one point after market trading.

Apple CEO Tim Cook also hinted that the now-deprecated blood oxygen feature for Apple Watches is unlikely to return.

A judge ruled that Apple had infringed a patent from a company called Masimo – and it had to stop the sale of watches or remove the feature. It did the latter.

Speaking to CNBC, Cook wouldn’t license the technology to Apple, meaning the gadgets won’t get the feature unless the tech giant wins an appeal.

The The now abolished blood oxygen function saved a woman’s life when she became unresponsive during a flight.

A federal court on January 18 banned the import and sale of the Series 9 and Ultra over claims that the tech giant copied patented medical technology from California-based biotech company Massimo.

People shop at an Apple Store in Brooklyn on February 1, 2024 in New York City

The unnamed British woman, 70, suffered from shortness of breath on a flight from Britain to Italy on January 9, prompting flight attendants to seek an onboard doctor to assist with the emergency.

Cook said Apple would not make a deal with Masimo, so watches will continue to be sold without this feature.

“We are focusing on the appeal,” he said. “There are many reasons to buy the watch even without the blood oxygen sensor.”

Overall, it was a good day for technology companies. Meta, owner of Facebook and Instagram, exceeded expectations and pushed its share price by 12 percent. Amazon shares rose 5.5 percent after also beating extimates.

iPhone sales reached $69.70 billion, up 6 percent, surpassing analyst expectations of $67.82 billion, according to LSEG data.

Sales in China fell by 13 percent, as Huawei continues to gain more market share.

The figures covered the October to December period for Apple – Apple’s busiest because it falls just after the launch of the new iPhone and includes holiday sales.

Microsoft eclipsed Apple as the world’s most valuable company in January, with investors seeing Apple as a laggard in the artificial intelligence race among Wall Street’s tech heavyweights.

Apple has focused on a new product. It is about to launch its $3,500 Vision Pro, a virtual reality headset. The first sales will be reported in the company’s next quarter.

Apple secured the top position again this week Fortune’s list of the world’s most admired companiesextending his nearly two-decade run at the top spot.

This is the 17th consecutive year that Apple has been recognized for having the best corporate reputation, based on a survey of approximately 3,700 executives, directors and analysts.

The Apple Vision Pro headset is on display in a showroom on the Apple campus after its unveiling on June 5, 2023 in Cupertino, California

The sales slowdown in China is the biggest problem for Apple, according to analysts. This happens for two main reasons.

Chinese rivals such as Huawei are gaining market share there, and Beijing has restrictions on the use of iPhones by government workers.

Meanwhile, Apple is planning to launch its own electric car as early as 2028, according to new reports.

The tech giant originally planned to create a fully self-driving vehicle as part of a decade-old project internally dubbed Titan.

But today sources told Bloomberg that the company is working on an electric car with more limited features, making it more similar to the current Tesla models available on the market.