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Apple stock rose 3% in after hours trading Tuesday following the earnings report.

Tuesday's announcement marks the first time that Apple has provided a glimpse into how much its shareholders will benefit from a sweeping overhaul of the USA tax code championed by President Donald Trump and approved by Congress late previous year. The reported increase in revenue from iPhones, as well as lowered corporate tax laws in the USA, supported this move. Famously, many critics had said that the iPhone X was virtually dead as the public was not much enthused by it. Apple CEO Tim Cook.

Cook noted that the infrastructure in India has come "quite a ways" since Apple began to put a lot of energy in the Indian market "because of their leadership and so forth".

In February, Apple said it planned to draw down its excess cash, although Cook had downplayed the possibility of a special dividend. What matters is how popular it is, and it is popularity which has made Apple king. He called attention to an increase in inventory sitting around in Apple warehouses, suggesting low turnover - the high iPhone revenues depending merely on the high cost of the iPhone X.

Revenue for Apple's Other Products category was up 38% year-over-year, totaling $4 billion - nearly as much as the iPad alone.

It's also hard to quantify how much of the repatriated money is being funneled to shareholders.

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IHNATKO: The growth curve was just huge over the past several years. In March, Apple launched refreshed its iPad lineup. Gross margins were also in line with the Street with EPS coming in at $2.73 vs. the Street at $2.67. iPhone units shipped in the quarter were 52 million vs. Street expectations of 52 million. "iPhone X is a beloved product".

Over the past few weeks, the prevailing narrative surrounding the iPhone X has been that sales of Apple's flagship device have been underwhelming.

Apple sold 52.2 million iPhones in Q2, up about three per cent year on year.

Apple was expected to sell about 51 million iPhones and it sold 52.2 million in the quarter, accounting for $38 billion of the company's total revenue. However, it was almost 10 percent down from $796 in the first quarter, a sign that the iPhone X (starting at $999) wasn't driving the majority of sales. That plus the continued popularity of the Apple Watch likely played a big role in the 38 percent spike in Apple's "Other" revenue - you know, the bucket where Apple lumps all its other products into an opaque, lucrative mass.

Apple shares rose 5 percent in extended trading, after closing at $169.10 in NY.

Apple really wants consumers to buy a pair of AirPods with the next iPhone.