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Photo: Apple

Buoyed by strong iPhone sales and a growing services business, Apple reported record quarterly revenue and profits that were well ahead of estimates and its own forecasts. Apple also projected revenue for the current quarter ahead of many analysts' expectations, sending shares higher.

Why it matters: The October-to-December quarter includes the all-important holiday shopping season, and Apple's results show the resiliency of its business.

Apple posted per-share earnings of $4.99, on revenue of $91.8 billion, up 9% from a year earlier. The company had been expected to post per-share earnings of $4.54, on revenue of around $88.38 billion, according to consensus estimates.

Geographically, sales rose in every region except Japan. Greater China sales, which had dropped for several quarters, totaled $13.58 billion, up from $13.17 billion a year ago.

Meanwhile: Apple CEO Tim Cook told CNBC that the company has shut one store in China and restricted employee travel amid the coronavirus outbreak.

For the current quarter, which runs through March, Apple said it expects revenue between $63 billion and $67 billion. CFO Luca Maestri said the company gave a wider-than-usual range due to uncertainty related to the impact of the virus.

Apple shares rose after hours following the report. The stock was recently trading at $324.99, up $7.30, or 2.3%.

By the numbers:

  • iPhone sales: $55.957 billion, up 8% from a year ago
  • iPad sales: $5.97 billion
  • Mac sales: $7.16 billion
  • Services: $12.71 billion, up 17%
  • Wearables and accessories: $10.01 billion

Go deeper

Updated 33 mins ago - Politics & Policy

Omicron dashboard

Illustration: Brendan Lynch/Axios

  1. Health: Transplants rebound from COVID lull — CDC director says COVID-19 messaging should have been clearer — Concerns grow over CDC's isolation guidelines.
  2. Vaccines: Kids' COVID vaccination rates are particularly low in rural America — America's vaccination drive runs out of gas.
  3. Politics: Joint Chiefs chair Gen. Mark Milley tests positive for COVID-19 — Vivek Murthy calls SCOTUS vaccine mandate block "a setback for public health."
  4. States: America struggles to keep schools open — Youngkin ends mandates for masks in schools and COVID vaccinations for state workers.
  5. World: Greece imposes vaccine mandate for people 60 and older — French parliament passes COVID vaccine passport legislation.
  6. Variant tracker

Mayors feel powerless to reduce homelessness

Expand chart
Recreated from 2021 Menino Survey of Mayors; Chart: Jacque Schrag/Axios

America's mayors know their constituents hold them accountable for homelessness, but many don't feel they have the tools or power to fix things, a brand new survey says.

Why it matters: While homelessness has become more acute during the pandemic, city leaders say they lack the money, staff or political support needed to make a meaningful difference.

Ina Fried, author of Login
3 hours ago - Technology

Microsoft to buy Activision Blizzard

Microsoft

Microsoft announced Tuesday it plans to acquire video game giant Activision Blizzard for $68.7 billion in cash.

Why it matters: The move comes as Activision Blizzard has faced a wave of accusations of workplace harassment.