>> Apple sold over 52 million iPhones in the latest quarter. And while that specific number came in just below Wall Street targets, the company's overall revenue of $61 billion beat expectations. That sent the stock up as much as 4% in Wednesday morning trading. It's a relief for investors who took a pounding in recent weeks, and a sign of hope that the world's most valuable company could diversify beyond its best selling product.
Reuters correspondent Stephen Nellis.>> iPhone numbers still matter. They still make up more than half of Apple's revenue almost every quarter. However, I think what the company is showing is that they can afford to sell a few less units and still hit a lot of other very important numbers like their top line revenue and profit expectations.
That's helped by a lot of things, not the least of which is their services business which means that all those iPhones that are already out there, that have already been sold, are generating money for Apple through people buying apps, signing up for Apple Music, and paying for iCloud storage.
>> Apple blowing away targets on its service business with over $9 billion in revenue, up more than 30% on year. Apple is also giving back capital to its investors. It bought back $23.5 billion worth of shares in the March quarter, and will buy back another $100 billion in the June quarter, a sign that it's bringing back most of its hundreds of billions of dollars in cash offshore to the United States following the new GOP tax bill that gives companies like Apple a tax break.