Apple's Big Quarter

CEO Tim Cook says "Apple is in a period of sweeping innovation." That's a bold statement from the company that has already created the Mac, the iPhone, and the iPad. And, while it's easy to accuse a chief executive of hyperbole, the numbers would seem to back Cook up. 

In its latest quarter, Apple reported revenue of $89.6 billion, up 54% from a year ago. It generated operating cash flow of $24 billion during the quarter, returning $23 billion to shareholders. The company also boosted its dividend payment by 7%, while increasing its stock repurchase program by $90 billion. These are big numbers, even by Apple's standards. 

"We believe this quarter ultimately will be the first step in driving this stock to a $3 trillion market cap over the next year," Wedbush analyst Daniel Ives wrote in the wake of Apple's report. Apple currently has a market value of $2.2 trillion.

Eric Savitz covered more of the highlights from Apple's big quarter: 

The quarter was led by $47.9 billion in iPhone sales, up 65.5%, and well ahead of Street estimates of about $41.4 billion. Services revenue was $16.9 billion, up 26.6%, more than $1 billion ahead of Street expectations. Mac sales were $9.1 billion, up 70.1%, while iPad sales were $7.8 billion, up 79.4%, both way ahead of Street estimates. Wearables sales were $7.8 billion, up 24.7%, also better than forecast by the Street.

Apple shares were up 2.3% in after-hours trading.