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Credit: Apple

Spurred by strong sales of the latest iPhones, Apple reported it took in a record $111 billion in revenue for the three months ended Dec. 31, as the company crushed expectations.

Why it matters: The move showed even a pandemic didn't dull demand for Apple's latest smartphones.

By the numbers:

  • Revenue: $111.4 billion, up 21% year over year, and well above Wall Street expectations of around $103 billion, per FactSet (via WSJ).
  • Earnings: $28.75 billion.
  • Per-share earnings: $1.68, up 35% year-over-year, and well ahead of expectations of around $1.41.

The big picture: Sales also set a record in each of Apple's geographic segments and rose double digits across each product line.

  • iPhone revenue: $65.6 billion, up from $56 billion a year ago
  • Mac revenue: $8.7 billion, up from $7.2 billion a year ago
  • iPad revenue: $8.4 billion, up from just under $6 billion a year ago
  • Wearables and accessories revenue: $13 billion, up from $10 billion a year ago
  • Services revenue: $15.8 billion, up from $12.7 billion a year ago

What they're saying: "Our December quarter business performance was fueled by double-digit growth in each product category, which drove all-time revenue records in each of our geographic segments and an all-time high for our installed base of active devices,” Apple CFO Luca Maestri said in a statement.

  • Apple CEO Tim Cook said on a conference call that there are 1.65 billion of its devices in active use, including more than 1 billion iPhones.

Go deeper: Average U.S. iPhone price hits a record $873

Go deeper

Dan Primack, author of Pro Rata
Jan 29, 2021 - Economy & Business

Roblox postpones IPO over regulatory concerns

Source: Denis Kopotun via YouTube

Roblox, a San Francisco-based gaming platform for kids and teens, has postponed its IPO due to regulatory concerns over how it recognizes revenue, according to Reuters.

Why it matters: Roblox is one of the most highly anticipated IPOs of 2021, having recently raised private funding at a $29.5 billion valuation, but this is its second setback in as many months.

Updated 1 hour ago - Politics & Policy

Here come Earmarks 2.0

DeLauro at a hearing in May 2020. Photo: Alex Wong/Getty Images

The House Appropriations Committee is preparing to restore a limited version of earmarks, which give lawmakers power to direct spending to their districts to pay for special projects.

Why it matters: A series of scandals involving members in both parties prompted a moratorium on earmarks in 2011. But Democrats argue it's worth the risk to bring them back because earmarks would increase their leverage to pass critical legislation with a narrow majority, especially infrastructure and spending bills.

Ben Geman, author of Generate
2 hours ago - Energy & Environment

UN says Paris carbon-cutting plans fall far short

Illustration: Sarah Grillo/Axios

Nations' formal emissions-cutting pledges are collectively way too weak to put the world on track to meet the Paris climate deal's temperature-limiting target, a United Nations tally shows.

Driving the news: This morning the UN released an analysis of the most recent nationally determined contributions (NDCs) — that is, countries' medium-term emissions targets submitted under the 2015 pact.