The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
Futures fell after Trump said the U.S. will raise tariffs on more than $500 billion worth of Chinese imports, increasing trade tensions.Marketsread more
Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
Education Minister Ong Ye Kung says the Singapore government has been preparing for the challenge of an aging workforce "for the past 20 years."Employmentread more
Megvii is known for its facial recognition technology and while revenue grew over 350% in 2018, its losses have widened.Technologyread more
Stocks in Asia fell Monday afternoon following an escalation in the U.S.-China trade war late last week.Asia Marketsread more
Apple reported $11.45 billion in services revenue for its second quarter of 2019 as it continues its quest to shift the narrative around its business away from iPhone unit sales. That topped analysts' expectations of $11.37 billion, according to FactSet.
Apple also reported services margins of 63.8% for the quarter. Services now accounts for about 20% of Apple's revenue, up from 16% a year earlier and 13% in the first quarter.
Apple's stock was up more than 5% in after hours trading.
Apple announced on its Q4 2018 earnings call that it would stop reporting iPhone, Mac and iPad unit sales in its quarterly reports. At the time, CFO Luca Maestri said the metric is "not necessarily representative of the underlying strength of our business," after the company reported iPhone unit sales that missed analyst expectations.
Beginning last quarter, Apple began reporting its active installed base instead, which represents the number of devices in active use. Apple is not providing a new active installed base figure from its last update of 1.4 billion devices, but Apple CEO Tim Cook told CNBC's Josh Lipton that the metric hit an all-time record last quarter across all categories.
Shifting to reporting its active installed base allows Apple to highlight the scale of the potential audience for its services, which were the center of its media event in March. The company announced three new subscription services at the event, including a TV service, gaming and magazine bundles.
Last quarter, it seemed like investors were beginning to buy into Apple's new narrative as the stock climbed nearly 7% following its earnings report despite plunging iPhone sales compared to the previous year.
Correction: This article has been updated to reflect the correct source of the analyst consensus estimate for services revenue.