APPLE BEATS EXPECTATIONS WITH Q3 EARNINGS; STOCKS UP

Apple shares spiked in after-hours trading after the tech giant released better-than-expected Q3 numbers. After the report was released, the company's stock bumped up 7% to nearly $104 per share.

Quarterly revenue was $42.4 billion, with quarterly net income at $7.8b. This is down from $49.6b and net income of $10.7b in the same quarter last year. International sales accounted for 63% of Q3 revenue.

CEO Tim Cook hailed better-than-expected consumer demand, and also growth of services revenue by 19%. Guidance for Q4 includes revenue between $45.5b-$47.5b.

Better than expected iPhone sales—which are still in a slump—were key to the quarter along with Apple's services business, which includes music. The growth of the Apple Music streaming service had more than made up for declines in digital downloads, executives said.

To add to its music streaming offerings—and take on YouTube—Apple purchased rights to the next season of James Carden’s Carpool Karaoke, CBS Television Studios announced.

Viewers of HBO's Silicon Valley will enjoy this boilerplate from Cupertino: "Apple’s 100,000 employees are dedicated to making the best products on earth, and to leaving the world better than we found it."

More details here.