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Apple CEO Tim Cook speaking at a March press event. Photo: Apple

Apple reported quarterly sales and earnings on Tuesday that slightly topped analysts' expectations, with its outlook for the current quarter also ahead of estimates.

Why it matters: Last quarter, Apple issued a rare warning that the company would fall short of expectations amid lower iPhone demand.

The company reported per-share earnings of $2.46, 10 cents ahead of expectations, on revenue of $58 billion, slightly more than the $57.3 billion consensus estimate. Apple had said in January to expect revenue to be between $55 billion and $59 billion.

For the current quarter, which goes through the end of June, Apple said to expect revenue of $52.5 billion to $54.5 billion, compared to consensus estimates of just under $52 billion.

Stock up: Apple shares jumped on the news, trading up more than 5% in after hours, to $210.75, up $10.08, as of 4:45 pm ET.

What they're saying: On a conference call with analysts, CEO Tim Cook said of the last five months, November and December were the most challenging, suggesting an encouraging trend. "This has been an exciting and productive quarter for Apple," he said, highlighting the growth in iPad and services businesses.

By the numbers:

  • iPhone revenue totaled $31.05 billion, down from $37.56 billion a year ago, but in line or slightly ahead of most analyst expectations.
  • iPad revenue was $4.87 billion, up from around $4 billion a year ago.
  • Mac revenue was $5.51 billion, down slightly from a year ago.
  • Wearables and other home product sales were $5.13 billion, up from $3.94 billion a year ago.
  • Services revenue reached $11.45 billion, another record.

Go deeper

Tony Hsieh, longtime Zappos CEO, dies at 46

Tony Hsieh. Photo: FilmMagic/FilmMagic

Tony Hsieh, the longtime ex-chief executive of Zappos, died on Friday after being injured in a house fire, his lawyer told the Las Vegas Review-Journal. He was 46.

The big picture: Hsieh was known for his unique approach to management, and following the 2008 recession his ongoing investment and efforts to revitalize the downtown Las Vegas area.

Dan Primack, author of Pro Rata
5 hours ago - Economy & Business

The unicorn stampede is coming

Illustration: Annelise Capossela/Axios

Airbnb and DoorDash plan to go public in the next few weeks, capping off a very busy year for IPOs.

What's next: You ain't seen nothing yet.

19 hours ago - World

Maximum pressure campaign escalates with Fakhrizadeh killing

Photo: Fars News Agency via AP

The assassination of Mohsen Fakhrizadeh, the architect of Iran’s military nuclear program, is a new height in the maximum pressure campaign led by the Trump administration and the Netanyahu government against Iran.

Why it matters: It exceeds the capture of the Iranian nuclear archives by the Mossad, and the sabotage in the advanced centrifuge facility in Natanz.