The world’s most valuable company has become so reliant on Chinese suppliers and sales that it would be worth half as much or less without them.

Apple's iPhone revenue was up 5% to $95.4 billion, beating the analyst consensus of $94.5 billion. But another closely-watched segment, results from China, was less positive. Apple's Greater China revenue missed expectations by almost a billion dollars,

Apple says it is shifting production of most iPhones and other devices to be sold in the US away from China, which has been the focus of President Donald Trump's tariffs.