Shares of Apple (NASDAQ: AAPL) rose this past week after the $4 trillion tech behemoth delivered remarkable sales and earnings growth.

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New products are driving record sales

Apple’s revenue jumped 17% year over year to $111.2 billion in its fiscal second quarter, which ended on March 28.

CEO Tim Cook said the gains were fueled by “extraordinary demand” for the iPhone 17. Sales of iPhones surged 22% to $57 billion.

The launch of the relatively low-cost MacBook Neo, which Cook said is “captivating customers all around the world,” helped to drive Mac sales higher by 6% to $8.4 billion.

Apple’s massive installed base of active devices enables it to sell a steadily expanding array of services. The tech titan’s high-margin services revenue increased 16% to $31 billion.

All told, Apple’s net income grew by 19% to $29.6 billion. Its earnings per share, aided by stock buybacks, leaped 22% to $2.01.

Wealth-building capital returns for shareowners

With more than $120 billion in net profits over the trailing 12 months and nearly $150 billion in cash and investments, Apple is the epitome of a financial powerhouse.

This staggering profitability and vast cash reserves enable it to reward shareholders with dividends and share repurchases. Apple raised its quarterly cash payment to investors by 4% to $0.27 per share. Its board of directors also approved a new $100 billion stock buyback program.

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