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Apple CEO Tim Cook introducing the iPhone 11 Pro. Photo: Apple

Apple delivered a generally positive earnings report on Wednesday, with CEO Tim Cook telling Reuters that iPhone 11 sales are off to a "very, very good start."

Why it matters: The iPhone is the bulk of Apple's business and critical to driving demand for its other products.

Apple's services and accessories businesses, two fast-growing areas for the company, grew somewhat faster than analysts had been expecting.

By the numbers:

  • Apple reported revenue of $64 billion, up 2% from a year earlier, and per-share earnings of $3.03, up 4%.
  • Services revenue totaled $12.5 billion, up from $10.6 billion at the same time last year.
  • Wearables and accessories were $6.5 billion, up from $4.2 billion a year earlier.
  • iPhone sales were $33.4 billion, down from $36.8 billion a year ago.
  • Mac sales were just below $7 billion, down from $7.3 billion in the prior year.
  • For the current quarter, which goes through December, Apple forecast revenue of between $85.5 billion and $89.5 billion, roughly around the range of what analysts were expecting.

Shares of Apple were up slightly in after-hours trading, changing hands recently at $245.70, up $2.44 or 1%.

On its conference call with analysts:

  • Apple announced that the U.S. Census would be collecting using hundreds of thousands iOS devices to securely collect population data.
  • The company will also allow those with its Apple Card credit card to buy an iPhone interest free over 24 months.

Go deeper

AP: Justice Dept. rescinds "zero tolerance" policy

A young girl waves to onlookers through the fence at the US-Mexico border wall at Friendship Park in San Ysidro, California in Nov. 2018. Photo: Sandy Huffaker/AFP via Getty Images

President Biden's acting Attorney General Monty Wilkinson issued a memo on Tuesday to revoke the Trump administration's "zero tolerance" immigration policy, which separated thousands of migrant children from their families at the U.S.-Mexico border, AP first reported.

Driving the news: A recent report by Justice Department Inspector General Michael Horowitz emphasized the internal chaos at the agency over the implementation of the policy, which resulted in 545 parents separated from their children as of October 2020.

Biden picks up his pen to change the tone on racial equity

Vice President Harris looks on as President Biden signs executives orders related to his racial equity agenda. Photo: Doug Mills-Pool/Getty Images

President Biden is making a down payment on racial equity in a series of executive orders dealing with everything from private prisons to housing discrimination, treatment of Asian Americans and relations with indigenous tribes.

The big picture: Police reform and voting rights legislation will take time to pass in Congress. But with the stroke of his pen, one week into the job Biden is taking steps within his power as he seeks to change the tone on racial justice from former President Trump.

Most Senate Republicans join Rand Paul effort to dismiss Trump's 2nd impeachment trial

Photo: Joshua Roberts-Pool/Getty Images

Forty-five Senate Republicans, including Minority Leader Mitch McConnell, supported an effort to dismiss former President Trump's second impeachment trial.

Why it matters: The vote serves as a precursor to how senators will approach next month's impeachment trial, making it highly unlikely the Senate will vote to convict. The House impeached Trump for a second time for "incitement of insurrection" following events from Jan 6. when a pro-Trump mob stormed the Capitol.