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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

"Neanderthal thinking": Biden slams states lifting mask mandates

States that are relaxing coronavirus restrictions are making "a big mistake," President Biden told reporters on Wednesday, adding: "The last thing we need is Neanderthal thinking."

Driving the news: Texas Gov. Greg Abbott (R) said Wednesday he will end all coronavirus restrictions via executive order, although some businesses are continuing to ask patrons to wear face masks. Mississippi is lifting its mask mandate for all counties Wednesday, per Gov. Tate Reeves (R).

Cuomo: "I am not going to resign"

New York Gov. Andrew Cuomo apologized Wednesday for acting in a way that made women feel "uncomfortable," but insisted that he has "never touched anyone inappropriately" and said he will not resign.

Driving the news: Cuomo reiterated in his first public appearance since sexual harassment allegations surfaced that he will fully cooperate with a team of independent investigators appointed by New York Attorney General Letitia James, but suggested that demands for his resignation from were simply "politics."

Facebook to lift political ad ban imposed after November election

Photo Illustration by Omar Marques/SOPA Images/LightRocket via Getty Images

Facebook will finally allow advertisers to resume running political and social issue ads in the U.S. on Thursday, according to a company update.

The big picture: Facebook and rival Google instituted political ad bans to slow the spread of misinformation and curb confusion around the presidential election and its aftermath.