The company's S-1 lays the groundwork for what is widely expected to be one of the largest initial public offerings of the year, second only to Uber's IPO in May. It's also...Technologyread more
Fraud investigator Harry Markopolos' accusations extended beyond GE's management to actuaries, auditors and analysts who he claims overlooked billions in liabilities.Marketsread more
Trump's tweet comes a day after Apple put out a press release describing the money it spends on U.S.-based suppliers and vendors.Technologyread more
CNBC combed through Wall Street research to see which stocks are still a buy after their earnings reports.Marketsread more
President Donald Trump held a call on Wednesday with the CEOs of three major U.S. banks, according to people with knowledge of the situation.Marketsread more
Despite aggressive strides, Waymo needs one thing before their self-driving cars become a seriously useful transportation system: people. We talked to the ones closest to it.Technologyread more
Some Weight Watchers loyalists applaud Kurbo by WW. But nutritionists worry Kurbo promotes an unhealthy relationship with food during an especially impressionable time.Health and Scienceread more
Benefits from what President Trump called "the biggest reform of all time" to the tax code have dwindled to a faint breeze just 20 months after its enactment, writes John...Politicsread more
Epstein, 66, was found in his cell in Manhattan federal lockup Saturday morning and transferred to a nearby hospital, where he was subsequently pronounced dead.Politicsread more
Air travelers faced delays at U.S. airports on Friday afternoon after a computer issue snarled processing of international arrivals.Airlinesread more
Daniel Povey, a professor who was fired by Johns Hopkins University, said he will no longer go work at Facebook after the company asked him to work as a contractor while it...Technologyread more
Here's how the company did compared with what Wall Street projected:
Shares of Apple rose 6 percent in extended trading, to an off-hour price of around $165. The stock closed at $157.92 on Jan. 2, the day Apple lowered revenue projections for the quarter and knocked 10 percent off the stock.
Apple reported the numbers for its fiscal first quarter under a new structure, offering gross margin figures for its services and products segments and withholding unit sales numbers for its most popular products, such as the iPhone. The new structure, announced in November, was intended to shift focus from the iPhone onto other growth metrics.
Apple saw a sharp decline in iPhone revenue during the quarter, denting the company's main revenue stream. The segment saw a gross margin on its product business of 34.3 percent, lower than the 38 percent margin Apple reported for its overall business.
"Our customers are holding on to their older iPhones a bit longer than in the past. When you paired this with the macroeconomic factors particularly in emerging markets, it resulted in iPhone revenue that was down 15 percent from last year," CEO Tim Cook said on the company's earnings call.
Revenue for the company's services segment — a catch-all category that includes Apple Pay, Apple Music and iCloud storage — topped $10.9 billion, though, marking a 19 percent year-over-year increase. Apple reported a gross margin in its services segment of 62.8 percent.
A growth rate of 19 percent for the category is at the low of recent trends. Apple grew services revenue year over year by 17 percent last quarter, and 18 percent in the year-ago quarter, but has seen growth rates as high as 34 percent within the last year and a half.
"We're very happy not only with the growth but also the breadth of our services portfolio. Our revenue from services has grown from less than $8 billion in calendar [year] 2010 to over $41 billion in calendar [year] 2018," Cook said.
Apple's total sales of $84.3 billion represent a year-over-year decline of 5 percent, making for the first annual revenue decline during a holiday season quarter since 2001.
Apple has said 100 percent of that decline was driven by performance in China, where the company saw almost $5 billion less in revenue than the year-ago period.
"For perspective, despite the challenging December quarter, our revenue from China grew slightly for the full calendar year," Cook said on the call. "Macroeconomic factors will come and go, but we see great upside on continuing to focus on the things that we can control."
Cook's warning earlier this month of weaker iPhone sales rubber-stamped a months-long conversation around shrinking smartphone sales and market saturation. Apple isn't breaking out unit sales for the iPhone or its other major product lines, but reported revenue figures that fell right in line with expectations.
Here's how the product lines break down:
Apple's Wearables, Home and Accessories category — previously called Other Products — grew 33 percent from the year-ago period, making it the fastest-growing revenue segment during the quarter. Revenue for the iPad grew 17 percent, and revenue for the Mac grew 9 percent.
Chief Financial Officer Luca Maestri said on the company's earnings call that Apple now has 900 million installed iPhones in use around the world, and 1.4 billion total installed devices. Apple indicated it will start reporting installed device numbers on a more regular basis.
This is a developing story. Please check back for updates.