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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

Updated 4 hours ago - Energy & Environment

Thousands without power as "hazardous" winter storm lashes East Coast

Satellite imagery of the Northeastern U.S. taken by NOAA on Jan. 17. Photo: NOAA

A major winter storm lashed much of the East Coast Sunday and Monday, causing widespread power outages and disrupting travel over the holiday weekend.

The latest: Authorities in North Carolina confirmed that two people died in a car crash and that they responded 600 vehicle accidents during the storm on Sunday, per the Washington Post.

Texas abortion law remains in effect after appeals court ruling

Pro- and anti-abortion protesters outside the Supreme Court as arguments begin about the Texas abortion law on Capitol Hill in November. Photo: Jabin Botsford/The Washington Post via Getty Images

A U.S. appeals court transferred a challenge to Texas' law banning most abortions after about six weeks of pregnancy to the state supreme court in a 2-1 vote on Monday evening.

Why it matters: The 5th U.S. Circuit Court of Appeals' decision means the country's most restrictive abortion law can remain in place for the time being.

6 hours ago - World

At least 2 dead after Tonga volcano eruption and tsunami

A satellite image of the explosive eruption of the Hunga Tonga-Hunga Ha'apai volcano on Saturday. Photo: UNICEF/NOAA

At least two people are confirmed to have died in Tonga following the undersea volcanic eruption that sent tsunami waves toward the island nation and across the Pacific over the weekend, officials said Monday.

The big picture: Officials reported major damage along the western coast of the main island of Tongatapu, where the capital, Nuku'alofa, was covered in ash and dust, including on the runway of the airport. A New Zealand Ministry of Foreign Affairs spokesperson told Axios over the phone that two people had been confirmed to have died in the disaster.