Apple (AAPL) vaulted back over a $1 trillion market value in Tuesday's post-market after the tech giant posted stronger-than-expected fiscal third-quarter results.
The company reported earnings per share of $2.18 against the Wall Street estimate of $2.10, while besting the lowered bar on revenue, notching $53.8 billion against a $53.3 billion estimate.
On the back of the numbers, the shares jumped about 4%, inching back over the $1 trillion valuation the company just recently reached.
Services and wearables were credited strongly for the earnings beat, offsetting a slowdown in hardware sales and continuing to turn the narrative on the company from simply iPhones to more of an ecosystem, a key trend touted by Jim Cramer and his Action Alerts PLUS team.
"This was our biggest June quarter ever - driven by all-time record revenue from Services, accelerating growth from Wearables, strong performance from iPad and Mac and significant improvement in iPhone trends," said Tim Cook, Apple's CEO. "These results are promising across all our geographic segments, and we're confident about what's ahead."
The commentary on the regional strength is particularly important, as revenue in greater China decelerated far less sharply than expected, quelling some headline concern amidst the trade war.
On the downside, the slowdown in iPhone sales came in below analyst expectations, ending up at $25.9 billion, underneath a $26.3 billion estimate. Thankfully for shareholders, other segments grew much more than expected, allowing for the comfortable beat.
Moving to what's ahead, the company expects revenue between $61 billion and $64 billion for the upcoming fourth quarter, toward the high end of guidance and well above what was anticipated by analysts. Gross margin is also expected to improve for the coming quarter while operating expenses remain under control.
Management also declared a cash dividend of $0.77 per share, payable on Aug. 15.
A breakdown of the underlying aspects of the Services success, including the Apple Card, the app store, iTunes, and more, the impact of its deal with Intel (INTC) , its settlement with Qualcomm (QCOM) , and further details on its health initiatives were not initially offered.
For more on specific details related to the reported numbers and what was left out, a conference call is scheduled for 5 p.m. ET and will be available here.Follow TheStreet's Live Blog for real time updates.