Apple (AAPL) earned $3.06 per share in the first fiscal quarter, beating analysts' estimate of $2.60. Revenue in the first fiscal quarter increased 29.5% year-over-year to $74.60 billion, exceeding analysts' estimate of $67.53 billion. Gross margin was 39.9%, exceeding the company's estimate of 37,5%-38,5% and analysts' estimate of 38.4%.

The company released its forecasts for the second quarter. Revenue is expected to be $52.0-$55.0 billion in the second quarter (analysts' estimate: $53.75 billion), while gross margin is expected to be 38.5%-39.5% billion (analysts' estimate: 38.7%).

Apple (AAPL) shares increased to $118.69 (+8.75%) prior to the opening bell.