The firm also announced Monday that it would expand its capital return program to USD 200 billion from a previously announced USD 130 billion.
Apple reported quarterly earnings and revenue that beat analysts' expectations. The company reported second-quarter earnings of USD 2.33 per share on revenue of USD 58 billion on Monday. Analysts expected tech giant Apple to report earnings of USD 2.16 a share and USD 56.08 billion in revenue, according to a consensus estimate from Thomson Reuters. During the same period last year, Apple posted earnings of USD 1.66 per share on USD 45.6 billion in revenue.
'These are amazing numbers' The firm also announced Monday that it would expand its capital return program to USD 200 billion from a previously announced USD 130 billion. This estimated figure comes from Apple increasing its share repurchase authorization to USD 140 billion from the USD 90 billion announced last year, and boosting its dividend 11 percent to 52 cents per share. The planned program goes through March of 2017, Apple said.
CEO Tim Cook said on the firm's earnings call that the buyback reflects "our strong confidence in what lies ahead for Apple." The tech giant said its cash horde had risen to a record USD 193.5 billion—over USD 171 billion of which was located offshore. Last quarter the total cash figure came in at USD 178 billion, according to the company. Apple's stock rose more than 1 percent in after-hours trading immediately following the Monday announcements.
"How long do we ride this rally? As long as possible," said Ross Gerber, CEO of Gerber Kawasaki.
As for its devices, Apple said that it had sold 61.17 million iPhones, compared to a StreetAccount consensus estimate of 57.26 million. Apple CFO Luca Maestri said demand for iPhone 6 and iPhone 6 Plus "has remained incredibly strong." The company said it sold 12.62 million iPads, compared to expectations of 13.94 million.
Mac units came in at 4.6 million (compared to a 4.64 million estimate). Cook touted the year-over-year growth of its Mac products while much of the personal computer industry languishes. "We are thrilled by the continued strength of iPhone, Mac and the App Store, which drove our best March quarter results ever," Cook said in an earnings release.
Read More: How BlackBerry plans to win your heart again "We're seeing a higher rate of people switching to iPhone than we've experienced in previous cycles, and we're off to an exciting start to the June quarter with the launch of Apple Watch," he added. Cook told CNBC that he is "very confident" that iPad sales "will come back" (although he declined to predict on the call when this would occur), and he also said he's happy with the Apple Watch performance so far. The CEO said on the call that the response to the new wearable device has been "overwhelmingly positive," and boasted of the more then 3,500 apps that are already available for the product.
He later added that demand is "hard to gauge," but it is outstripping supply for the product. The company anticipates selling the Apple Watch in additional countries by June, he said. Maestri said that margins on the wearable product will be lower than company average.
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