Apple posted quarterly earnings and revenue that topped estimates Wednesday and announced a 7-for-1 stock split, fueling the stock higher after a temporary halt.

Read MoreApple stock split: Nice, but where's the product?

The company posted earnings of $11.62 a share, on revenue of $45.6 billion, blowing past estimates for $10.18 a share on $43.53 billion in revenue, according to a consensus estimate from Thomson Reuters.

Apple also authorized a 7-for-1 stock split, addressing calls to share more of its cash hoard. While the split will not change the value of Apple's shares (seven shares at $75 each as opposed to one at $525 a share), it could make the company's stock more accessible to individual investors. Shareholders as of June 2 will get six additional shares for each Apple stock they own, and the new split-adjusted trade will take place starting June 9.

The board also approved a dividend increase of approximately 8 percent to $3.29 a share. The company additionally said it would boost the overall size of its capital return program to more than $130 billion by the end of 2015, up from its previous $100 billion plan.

"It's a company that's trying to please Wall Street," Max Wolff, chief economist and strategist at Citizen VC told CNBC's "Closing Bell." "It didn't used to have to. Now it does. I think it's a huge milestone that they've realized they do and they're throwing meat on that. I don't know how transformative it is."

Meanwhile, billionaire investor took to Twitter to express his satisfaction regarding Apple's buyback and results.

(Read Carl Icahn's Tweet here)

(Read Carl Icahn's Tweet here)

"We're very proud of our quarterly results, especially our strong iPhone sales and record revenue from services," said CEO Tim Cook, in a press release. "We're eagerly looking forward to introducing more new products and services that only Apple could bring to market."

Shares surged nearly 8 percent after being temporarily halted in extended-hours trading (Click here to get the latest quotes.) With the post-earnings share price spike, Apple's market cap has climbed back over the half-trillion dollar level.



The tech giant said it sold 43.7 million iPhones and 4.1 million Macs, above expectations for 38.45 million and 4.08 million, respectively. But iPad sales missed estimates, with the company selling 16.35 million units, versus forecasts for 19.8 million.