Apple’s quarterly profits and revenue crept past Wall Street forecasts, despite lower iPhone sales as it faced mounting competition in China. The group on Thursday reported revenue of $124.3 billion for its December quarter, above analysts’ estimates in a Bloomberg poll of $124.1 billion and up 4 per cent from the same period in the previous year. Net income climbed about 7 per cent to $36.3 billion, also above expectations of $35.5 billion. iPhone sales of $69.1 billion were, however, down slightly and below forecasts of about $71 billion. Revenue for the China region, where Apple has come under increasing...