Apple Is Firing on All Cylinders

Against the backdrop of an impending product upgrade cycle, Apple Inc. (NASDAQ: AAPL) reported financial results that surprised investors, and the stock hit record highs in after-hours trading. Many expected a lull in iPhone sales in anticipation of the upcoming release of the 10th anniversary edition of the iconic smartphone. It wasn't only the surprising performance of some key products, but the optimistic forecast the company provided that made headlines.

Revenue for the just completed quarter rose to $45.4 billion, an increase of 7% year over year, while net income of $8.7 billion increased by 12% over the prior-year quarter. Earnings per share jumped 17.6% year over year, as the shares outstanding declined by 4% as the result of buybacks. In addressing the results, Apple CEO Tim Cook said, "With revenue up 7 percent year over year, we're happy to report our third consecutive quarter of accelerating growth and an all-time quarterly record for services revenue."

Even prior to a major product upgrade cycle, Apple can still produce impressive results. Image source: Apple.

Source: Fool.com