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Apple CEO Tim Cook at WWDC 2018. Photo: Apple

Apple not only exceeded sales and earnings estimates for the past quarter, but also sees revenue for the coming three months ahead of what many analysts were expecting.

Why it matters: Apple's guidance is particularly closely watched as an indication of what to expect from the next iPhone lineup.

"We’re thrilled to report Apple’s best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth,” Apple CEO Tim Cook said in a statement. “Our Q3 results were driven by continued strong sales of iPhone, services and wearables, and we are very excited about the products and services in our pipeline.”

Revenue from the iPhone was up 20% from a year earlier and services were up 31%, but iPad and Mac revenue both fell 5% from a year ago. Geographically, sales were up double digits in every region except Japan, where sales were up 7%.

Shares rose slightly in after-hours trading, changing hands recently at $190.89, up $4.72 or about 2.5%.

By the numbers:

April-to-June quarter

  • Revenue: $53.3 billion (vs. 52.37 billion estimate, per Zacks)
  • Per-share earnings: $2.34 (vs. $2.17, per Zacks)
  • iPhone unit sales 41.3 million (roughly what was expected)
  • iPhone average selling price $724 (vs. $693 estimate)

July-to-September quarter

  • revenue forecast: between $60 billion and $62 billion (vs. $58 billion per Zacks)

Go deeper

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Vaccinations, relief timing dominate Sweet 16 call

Sen. Joe Manchin (D-W.V.) speaks during a news conference in December with a group of bipartisan lawmakers. Photo: Caroline Brehman/CQ-Roll Call, Inc via Getty Images

Vaccine distribution, pandemic data and a cross-party comity dominated today's virtual meeting between White House officials and a bipartisan group of 16 senators, Senator Angus King told Axios.

Why it matters: Given Democrats' razor-thin majority in both chambers of Congress, President Biden will have to rely heavily on this group of centrist lawmakers — dubbed the "Sweet 16" — to pass any substantial legislation.

Progressives pressure Schumer to end filibuster

Senate Majority Leader Chuck Schumer. Photo: Win McNamee / Getty Images

A progressive coalition is pressuring Chuck Schumer on his home turf by running a digital billboard in Times Square urging the new majority leader to end the Senate filibuster.

Why it matters: Schumer is up for re-election in 2o22 and could face a challenger, and he's also spearheading his party's broader effort to hold onto its narrow congressional majorities.

5 hours ago - Health

U.S. surpasses 25 million COVID cases

A mass COVID-19 vaccination site at Dodger Stadium on Jan. 22 in Los Angeles, California. Photo: Mario Tama/Getty Images

The U.S has confirmed more than 25 million coronavirus cases, per Johns Hopkins data updated on Sunday.

The big picture: President Biden has said he expects the country's death toll to exceed 500,000 people by next month, as the rate of deaths due to the virus continues to escalate.