Apple earnings top expectations despite economic gloom

Apple on Thursday said iPhone sales and money made from services powered quarterly earnings that beat forecasts despite inflation pressure and the slowing global economy.

The Silicon Valley titan reported profit of $24 billion on revenue of $94.8 billion in the first three months of this year.

"We are pleased to report an all-time record in services and a March quarter record for iPhone despite the challenging macroeconomic environment," Apple chief executive Tim Cook said in an earnings release.