ABC News reports:
Apple Inc. (NASDAQ: AAPL) reported that it sold 31.2 million iPhones for the three months ending in June, better than Wall Street's expectation amid a competitive smart phone market. CEO Tim Cook promised "amazing new products that we will introduce in the fall and across 2014."
Brian Colello, analyst with Morningstar, said the "strong" iPhone sales contributed to the company's quarterly earnings of $6.9 billion and revenue of $35.4 billion, which were slightly better than expected, though earnings were still down from a year ago. Revenue is essentially flat compared to the same period a year ago.
In after-hours trading, the stock rose about 5 percent to $440 a share.
Colello said the biggest boost to Apple's stock may be its "massive" $16 billion stock buyback this quarter.