Apple shares up 3% after company beats earnings expectations

Apple’s latest quarter surpassed earnings expectations, sending the stock up about 3% in initial after-hours trading.

Its fiscal first quarter of 2017 saw record earnings of $3.36 per share, well above the $3.21 forecast by Wall Street. Revenue also beat, coming in at $78.4 billion, versus the $77.3 analysts were predicting.

Investors were pleased that the company sold 78.3 million iPhones, compared to the 76.3 million expected.

Guidance for the next quarter, however, was slightly below investor estimates. Apple gave a range of $51.5 billion to $53.5 billion, when analysts surveyed by Thomson Reuters said they were looking for $53.79 billion.

Apple stock is up almost 25% in the past year, but that wasn’t enough to meet expectations. CEO Tim Cook’s salary was even slashed 15% last year, after the company missed iPhone sales goals.

With a market cap of $636 billion, Apple is presently the most valuable company on the stock market. It’s also one of the 30 companies which make up the Dow Jones Industrial Index, giving it special weight in measuring the health of the markets.