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Apple earnings beat expectations, stock soars

Earnings per share for the iPhone maker hit $1.67 in its third quarter, higher than expectations for earnings of $1.57. Revenue came in at $45.4 billion against estimates for $44.95 billion.

iPhone sales for the quarter hit 41 million, missing expectations for sales of 41.1 million.

In after hours trading on Tuesday, shares of Apple were up more than 5%. If this move holds into Wednesday’s trade, Apple will add 54 points to the Dow Jones Industrial Average.

Ahead of Tuesday’s report, Apple shares had gained more than 28% this year, bringing its market cap to north of $770 billion making it the world’s largest publicly traded company.

Average selling price for iPhones during the third quarter was $606, which is below the $628 expected by analysts. Average selling...