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Photo: Anusak Laowilas/NurPhoto via Getty Images

Apple delivered a generally positive earnings report on Wednesday, with CEO Tim Cook telling Reuters that iPhone 11 was off to a "very, very good start," despite sales falling 9.2% in the quarter, continuing a pattern that has been in place for the past year.

Why it matters: The iPhone is the bulk of Apple's business and critical to driving demand for its other products, but a report from Bloomberg, citing unnamed sources, said Apple expects iPhone sales to return to growth next year, thanks to the introduction of 5G.

  • The company will be entering the 5G arena at least a year behind companies including Samsung and Huawei.
  • "Apple aims to ship more than 200 million handsets in 2020 after introducing more than four new iPhone models, possibly including 4G and 5G models and a low-cost successor to the budget iPhone SE device," Bloomberg reported, based on information from the anonymous source.

The big picture: Apple reported revenue of $64 billion, up 2% from a year earlier, but the report marked the first time since CEO Tim Cook took over in 2011 that the company’s profit has declined in all four quarters of a fiscal year.

Go deeper... Apple: iPhone 11 off to "very, very good start"

Go deeper

The limits of "Buy American"

Illustration: Aïda Amer/Axios

Joe Biden and Donald Trump agree on at least one thing: Buy American. The slogan was a centerpiece of Biden's recent address to Congress, backed up with one of his first executive orders.

Why it matters: Federal law has placed a heavy thumb on the scales when it comes to hundreds of billions of dollars of U.S. government spending. But it's far from clear that it will have its desired effect.

Home confinees face imminent return to prison

Illustration: Aïda Amer/Axios

Thousands of prisoners who've been in home confinement for as long as a year because of the pandemic face returning to prison when it's over — unless President Biden rescinds a last-minute Trump Justice Department memo.

Why it matters: Most prisoners were told they would not have to come back as they were released early with ankle bracelets. Now, their lives are on hold while they wait to see whether or when they may be forced back behind bars. Advocates say about 4,500 people are affected.

The "essential" committee that still doesn't exist

House Speaker Nancy Pelosi. Photo: Stefani Reynolds/Getty Images

Nearly five months after House Speaker Nancy Pelosi (D-Calif.) announced the creation of the bipartisan Select Committee on Economic Disparity and Fairness in Growth, it's not been formed much less met.

Why it matters: Select committees are designed to address urgent matters, but the 117th Congress is now nearly one-quarter complete without this panel assembling. When she announced this committee, Pelosi described it as an "essential force" to "combat the crisis of income and wealth disparity in America."

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