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Apple CEO Tim Cook. Photo: Apple

Despite concerns over iPhone demand, Apple on Tuesday reported financial results that largely matched what analysts had been looking for. The company sold 52.3 million iPhones last quarter, slightly less than some predictions, but earnings came in slightly ahead of consensus estimates, as did Apple's outlook for the current quarter.

The bottom line: While not necessarily cause for celebration, the results show Apple's business hasn't fallen off a cliff. Investors seemed relieved, sending shares higher in after-hours trading. Apple also announced a new stock buyback and increased dividend.

By the numbers:

  • January-March

Revenue: $61.1 billion vs. estimated $61.1 billion (Zacks)

Per-share earnings: $2.73 vs estimated $2.69 (Zacks)

iPhones sold/revenue: 52.3 million/$38 billion

iPads sold/iPad revenue: $9.1 million/$4.1 billion

Macs sold/Mac revenue: 4.1 million/$5.8 billion

Services revenue: $9.2 billion

  • April-June

Revenue forecast: Between $51.5 billion and $53.5 billion vs estimated $51.6 billion (Zacks)

Geography: Apple saw sales up year-over-year in every part of the country, while revenue was down in each location compared to the holiday quarter. Of note, sales in Greater China were more than $13 billion, up 21% from a year ago.

Shares up: Investors sent Apple's stock higher after the report. Shares changed hands recently at $176.07, up $6.97, or more than 4%.

Cash back: Apple also announced a new $100 billion stock buyback plan as well as an increased 73 cents per share dividend.

Be smart: Once again, Apple's growing services business was a highlight. While iPhone and iPad sales were up just slightly from a year ago, the services business grew revenue 31% year-over-year and 8% from the record sales it saw during the prior quarter, which included the holiday shopping season.

iPhone X: While there has been particular concern about the iPhone X, CEO Tim Cook said on a conference call that it remained the company's best-selling model each week during the quarter.

Go deeper

AT&T spins off U.S. video business via deal with TPG

Photo: AaronP/Bauer-Griffin/GC Images

AT&T is spinning off three of its video services, including its satellite TV brand DirecTV, to create a new standalone video company called New DIRECTV.

Details: The company will be jointly owned by AT&T and private-equity giant TPG. AT&T will retain a 70% stake and TPG will own 30% of the firm.

Updated 22 mins ago - Sports

Ex-USA Gymnastics coach dies by suicide after being charged with human trafficking

John Geddert. Photo: AFP via Getty Images

The body of John Geddert was found on Thursday, just hours after the former USA Gymnastics coach was charged with 24 counts of criminal misconduct, according to Michigan Attorney General Dana Nessel.

What they're saying: “My office has been notified that the body of John Geddert was found late this afternoon after taking his own life. This is a tragic end to a tragic story for everyone involved," Nessel said in a statement.

House passes Equality Act to boost LGBTQ protections

A protester holds a rainbow flag in Times Square in Oct. 2020. Photo: John Lamparski/SOPA Images/LightRocket via Getty Images

The House voted 224-206 on Thursday to pass the Equality Act, which would expand federal protections for LGBTQ people by prohibiting discrimination based on gender identity and sexual orientation.

Why it matters: The legislation passed in the House in May 2019, but never reached the Republican-controlled Senate under former President Trump. Democratic leaders believe there is a chance to pass the act into law this year with a 50-50 split in the Senate, but it is uncertain whether enough Republicans will support the bill for it to move forward.