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

Felix Salmon, author of Capital
17 mins ago - Economy & Business

Wall Street is living up to its bad reputation

Illustration: Sarah Grillo/Axios

Recent headlines will have you convinced that Wall Street is hell-bent on living up to all of its stereotypes.

Driving the news: Goldman Sachs, of course, is the biggest and the boldest, paying more than $5 billion in fines in the wake of the 1MDB scandal, in which billions were stolen from the people of Malaysia.

42 mins ago - Health

Ex-FDA chief: Pence campaigning after COVID exposure puts others at risk

Former FDA commissioner Scott Gottlieb said "the short answer is yes" when asked whether Vice President Mike Pence is putting others at risk by continuing to campaign after several aides tested positive for COVID-19, stressing that the White House needs to be "very explicit about the risks that they're taking."

Why it matters: The New York Times reports that at least five members of Pence's inner circle, including his chief of staff Marc Short and outside adviser Marty Obst, have tested positive for the virus. Pence tested negative on Sunday morning, according to the VP's office, and he'll continue to travel for the final stretch of the 2020 campaign.

Pence to continue traveling despite aides testing positive for COVID-19

Marc Short with Pence in March. Photo: Drew Angerer/Getty Images

Marc Short, Vice President Mike Pence’s chief of staff, tested positive for the coronavirus Saturday and is quarantining, according to a White House statement.

Why it matters: Short is Pence's closest aide, and was one of the most powerful forces on the White House coronavirus task force. Pence and second lady Karen Pence tested negative for the virus on Sunday morning, according to the vice president's office.