Apple Soars After Blockbuster Quarter: Sales, EPS Smash Expectations, Buyback Boosted To $90BN

A quick look at the company's gross and net cash showed a rebound in the quarter, with the gross number rising from $195.6BN to $204.4BN, the highest in 5 quarters, while net cash was flat at $83BN, a level where it has been for the past year.

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Following the stellar quarter, some key U.S.-listed Apple suppliers also rose in postmarket trading: Skyworks Solutions +3.4%, Cirrus Logic +1.7%, Broadcom +1.2%, Micron Technology +0.5%, Taiwan Semiconductor Manufacturing Co. +0.4%. It's also worth noting that Qualcomm, the world’s largest smartphone chipmaker, gave a bullish forecast for the current quarter also after the market close. Those shares were up more than 5% in extended trading.

As for AAPL itself, the company soared in kneejerk response rising 3% to $138 after hitting $139.50 earlier.

Perhaps the only blemish this quarter is the question some are asking: with more people getting vaccine shots and returning to the office, were this quarter's results the high-water mark for Apple’s performance, especially with Macs and iPads? We will find out in three months.

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