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Apple CEO Tim Cook this week at a product launch event in Brooklyn. Photo: Stephanie Keith/Getty Images

Apple reported record sales and profits for the September quarter, though unit sales for the iPhone were lower than some analysts were looking for. Meanwhile, its revenue from services topped $10 billion for the first time.

Why it matters: Apple is the world's highest-valued company and its results are closely watched as a signal of the health of the tech industry, though its success can sometimes be an outlier. Earnings this quarter from some other tech companies have failed to meet Wall Street expectations.

Apple reported per-share earnings of $2.91, on revenue of $62.9 billion, compared to analysts expectations of $2.79 and revenue of $61.49 billion. The company saw double- digit gains in revenue from last year in every part of the world, led by Japan, where sales were up 34 percent.

Shares nonetheless fell in initial after-hours trading following the report, changing hands recently at $212.12, down $10.10, or more than 4%.

Outlook: For the coming quarter, which includes the all-important holiday shopping season, Apple said to expect revenue of between $89 billion and $93 billion and gross profit margins between 38 percent and 38.5 percent. Analysts were expecting sales of roughly $91 billion, per Zacks.

By the numbers (with year-over-year change):

  • iPhone units 46.9 million (flat)
  • IPhone revenue $37.2 billion (up 29%)
  • IPad units 9.7 million (down 6%)
  • IPad revenue $4.1 billion (down 15%)
  • Mac units 5.3 million (down 2%)
  • Mac revenue $7.4 billion (up 3%)

Go deeper

4 mins ago - Technology

TikTok hits 1 billion users

Data: Axios research; Chart: Will Chase/Axios

TikTok on Monday said that it has amassed more than 1 billion monthly active users in its short lifetime, joining an exclusive club of apps that have already reached that size.

Why it matters: TikTok has continued to grow despite enormous pressure from regulators around the globe and increased competition from copycat products built by its competitors.

4 mins ago - Technology

Facebook: Metaverse won't "move fast and break things"

Illustration: Aïda Amer/Axios

Facebook on Monday said it will invest $50 million over two years in global research and program partners to ensure its metaverse products "are developed responsibly."

Why it matters: "It's almost the opposite of that now long-abandoned slogan of 'move fast and break things,'" Facebook's VP of global affairs Nick Clegg told Axios in an interview at The Atlantic Festival Monday.

Ina Fried, author of Login
13 mins ago - Technology

Facebook presses "pause" on Instagram Kids

Illustration: Annelise Capossela/Axios

Facebook's announcement Monday that it was "pausing development" on Instagram Kids did little to slow a wave of criticism of the project ahead of a Senate hearing Thursday.

Yes, but: There's an argument to be made for building kids' version of popular apps, even if their adult versions are causing real-world harms.

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