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Apple CEO Tim Cook, speaking at the Apple 12 launch event in October. Photo: Apple

Apple on Thursday reported quarterly sales and earnings that narrowly exceeded analysts estimates as the iPhone maker continued to see strong demand amid the COVID-19 pandemic.

What they's saying: The company said response to new products, including the iPhone 12 has been "tremendously positive" but did not give a specific forecast for the current quarter.

Why it matters: Apple continues to be a bellwether for the smartphone business and broader tech industry.

Details: Sales of the iPhone were down sharply from a year ago as Apple delayed the launch of the new lineup from late in the September quarter to October, meaning the first results for the new iPhone won't show up until the company's January report.

By the numbers:

  • Revenue: $64.7 billion (vs. $64.16 billion consensus analyst expectation)
  • Earnings per share: 73 cents (vs. 71 cents analyst expectations)
  • iPhone revenue: $26.4 billion (vs. 33.3 billion a year ago)
  • Mac: $9 billion (vs. $7 billion a year ago)
  • iPad: $6.8 billion (vs. $4.7 billion a year ago)
  • Services: $15.5 billion (vs. $12.5 billion a year ago)
  • Wearables, home and accessories: $7.9 billion (vs. $6.5 billion a year ago)

What they're saying: "Despite the ongoing impacts of COVID-19, Apple is in the midst of our most prolific product introduction period ever, and the early response to all our new products, led by our first 5G-enabled iPhone lineup, has been tremendously positive," CEO Tim Cook said in a statement.

Update, 2:30 p.m. PT: On a conference call with analysts, CFO Luca Maestri declined to offer a revenue forecast, but said the company expects iPhone sales to be up from a year ago despite the fact that the new iPhones are launching several weeks into the quarter. Services and all other products should see revenue growth in "double digits," Maestri said. Cook said to also expect growth in China, which was down in the just-reported quarter.

  • The company said the Apple One service bundle will launch tomorrow and the company is expected to debut the first Macs powered by an Apple processor to launch later in the year.

Go deeper

Cyber Monday sets record for biggest online shopping day in U.S. history

Photo: Matt Cardy/Getty Images

Americans spent $10.8 billion on Cyber Monday this year, making it the largest online shopping day in U.S. history, according to Adobe Analytics data reported by CNBC.

Why it matters: The surge in online shopping comes as the pandemic has accelerated the decline of Black Friday shopping at traditional brick-and-mortar stores, which saw in-store traffic plunge by roughly 50% compared with last year, according to data from RetailNext and Sensormatic Solutions.

Dan Primack, author of Pro Rata
Dec 1, 2020 - Economy & Business

Airbnb seeking $2.6 billion in IPO

Illustration: Sarah Grillo/Axios

Hospitality giant Airbnb on Tuesday set terms for its upcoming IPO, saying it plans to raise up to $2.6 billion.

Big number: The company would have an initial market cap of $28 billion, or an enterprise value of around $32 billion, were it to price shares in the middle of its proposed price range of $44-$50 per share.

Go deeper: Airbnb files for long-awaited IPO

McConnell circulates revised GOP coronavirus stimulus plan

Senate Majority Leader Mitch McConnell talks with reporters today in the Mansfield Room at the U.S. Capitol. Photo: Chip Somodevilla/Getty Image

Senate Majority Leader Mitch McConnell circulated a new framework for coronavirus stimulus legislation to Republican members on Tuesday that would establish a fresh round of funding for the small-business Paycheck Protection Program and implement widespread liability protections, according to a copy of the draft proposal obtained by Axios.

Driving the news: The revised GOP relief plan comes after McConnell's meeting with House Minority Leader Kevin McCarthy, Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows, during which they went over in detail what provisions would get backing from President Trump.