Sage observers were predicting doom and gloom for Apple on Tuesday, but the company surpassed analyst expectations with its earnings report, posting $9.5 billion in profit and $43.6 billion in revenue for the second quarter of fiscal year 2013.
Analysts had expected $42.31 billion in revenue and $10 earnings per share, but Apple netted $10.09 EPS.
Since Apple's stock price crested above $700 last September, the company has taken a beating, forfeiting more than $250 million in market value. The company has not released a new product since last October while Samsung launched its successful Galaxy S 4.
Many analysts were projecting another down earnings report, but Apple's stock is on the rebound now, rising almost two percent during the day and another four percent in after hours trading. After starting the day below $400, it now sits above $420.
The company sold 37.4 million iPhones and 19.5 million iPads in the quarter, both down from the first quarter but up from the second quarter last year.
"We are pleased to report record March quarter revenue thanks to continued strong performance of iPhone and iPad," Apple CEO Tim Cook said in a statement. "Our teams are hard at work on some amazing new hardware, software, and services and we are very excited about the products in our pipeline."
Apple is about to hold its earnings call, so there will be more to come.