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Eric Risberg / AP

Apple reported quarterly earnings that exceeded expectations, however its sales of 50.7 million iPhones was down slightly from last year and somewhat less than many analysts were expecting.

Overall, its quarterly revenue matched expectations, at $52.9 billion roughly matched what analysts were expecting. Net income topped $11 billion, or $2.10 per diluted share, ahead of expectations of around $2.01, according to Zacks.

Greater China was the geographic weak spot, with revenue down 14 percent from a year ago, with all other regions showing growth (and double-digit growth except for Japan).

Here are some other key stats for the quarter:

  • Mac sales (units): 4.2 million
  • iPad sales (units): 8.9 million
  • Services revenue: $7.0 billion

For the current quarter, Apple said to expect revenue of between $43.5 billion and $45.5 billion and gross profit margins between 37.5 percent and 38.5 percent. Analysts had been targeting revenue of around $45 billion, according to Zacks.

The bottom line: Even though iPhone sales didn't meat the rosiest of projections, Apple had a pretty good quarter overall with other products and services revenue picking up the slack. However, it wasn't a blockbuster and shares traded slightly lower in initial after-hours trading after the report.

Expand chart
Data: Money.net; Chart: Andrew Witherspoon / Axios

Go deeper

Updated 3 hours ago - Politics & Policy

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Illustration: Sarah Grillo/Axios

  1. Health: WHO: AstraZeneca vaccine must be evaluated on "more than a press release."
  2. Politics: McConnell temporarily halts in-person lunches for GOP caucus.
  3. Economy: Safety nets to disappear in DecemberAmazon hires 1,400 workers a day throughout pandemic.
  4. Education: U.S. public school enrollment drops as pandemic persists.
  5. Cities: Surge in cases forces San Francisco to impose curfew — Los Angeles County issues stay-at-home order, limits gatherings.
  6. Sports: NFL bans in-person team activities Monday, Tuesday due to COVID-19 surge — NBA announces new coronavirus protocols.
  7. World: London police arrest more than 150 during anti-lockdown protests — Thailand, Philippines sign deal with AstraZeneca for vaccine.

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Tony Hsieh. Photo: FilmMagic/FilmMagic

Tony Hsieh, the longtime ex-chief executive of Zappos, died on Friday after being injured in a house fire, his lawyer told the Las Vegas Review-Journal. He was 46.

The big picture: Hsieh was known for his unique approach to management, and following the 2008 recession his ongoing investment and efforts to revitalize the downtown Las Vegas area.

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What's next: You ain't seen nothing yet.