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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

Battle for the soul of a new web

Illustration: Aïda Amer/Axios

A well-funded and intensely motivated chunk of tech's hive mind is finding common cause in a vast new project: rebuilding the web on a foundation of cryptocurrency and blockchain tech. They call it "Web3."

The big picture: Developers, investors and early adopters imagine a future in which the technologies that enable Bitcoin and Ethereum will break up the concentrated power today's tech giants wield and usher in a golden age of individual empowerment and entrepreneurial freedom.

Thanksgiving box office shows theaters have long road to recovery

Photo of Disney's "Encanto;" Credit: Disney

Box office ticket sales over the Thanksgiving holiday show that consumer confidence in moviegoing is slowly improving, but not enough to bring the struggling theater industry back to pre-pandemic levels anytime soon, if ever.

Why it matters: "We may have to temper expectations a bit" for next year, said Comscore senior media analyst Paul Dergarabedian.

Tina Reed, author of Vitals
43 mins ago - Health

Omicron adds urgency to vaccinating world

Photo: Phill Magakoe/AFP via Getty Images

The emergence of the Omicron variant is bringing new urgency to global vaccination efforts.

Why it matters: New variants can emerge anywhere, and can spread everywhere. Getting doses to the developing world — and getting those doses into people's arms — is essential, and that effort has so far been lagging.