Apple rises on earnings beat

for its June quarter on Tuesday that were above expectations, and the company's revenue returned to growth after two straight down quarters.Apple's guidance was strong and beat analyst expectations, suggesting that demand for

"The highlight of this release and focus of investors in our opinion will be the robust September guidance for total revenue of between $61 billion and $64 billion vs. the Street's $60.9 billion estimate," Wedbush analyst Dan Ives said in a note.Apple's iPhone revenue was lower than what analysts expected, and fell 12% from the same quarter last year. Weakness in Apple's flagship product was partially offset by strength in the Mac and Wearables divisions.

Services revenue, which includes subscriptions, App Store fees, and other online services, grew by 13%, slightly under analyst expectations. Apple CEO Tim Cook told CNBC that after factoring out payments from a lawsuit and taking foreign-exchange rates into account, that its services product category would have grown by 18%.

If you add the wearables and services product categories together, they are together approaching the size of a Fortune 50 company, Cook said, underscoring that Apple's non-iPhone product lines are still massive, even if they are not as big as the iPhone. Apple said that it had $9.61 billion in sales in its Greater China category, which also includes Taiwan and Hong Kong. In the previous quarter, Apple's Greater China sales declined 22%, China sales were only down 4%. Cook said that Apple returned to growth in mainland China.'s modem division earlier this month for $1 billion, an unusually large buy for the company.

Wasn’t expecting it. With trade burdens looking to go long, sluggish device sales with nothing new in the iPhone corner, a 2:1 P/C ratio before the earnings call, and their lead designer leaving, it had all the makings to fall short.

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