Apple reported a blockbuster quarter on Tuesday, blowing past Wall Street's most optimistic expectations.

The company sold almost 9 million more iPhones than expected, while its cash pile ballooned to the point that it could buy about 480 of the S&P 500 companies outright.

Apple also revealed during a conference call with analysts that it plans to ship its new Apple Watch wearable device in April of this year.

Shares rose 5 percent in after-hours trading.

"I think the runaway success of the iPhone 6 plus and that huge hunger particularly in Asia for the large form factor screen is the runaway story of why this set of numbers is so strong," said Max Wolff, chief economist at Manhattan Venture Partners, in a "Closing Bell" interview.



Apple Chief Financial Officer Luca Maestri told Reuters that the company's China revenue grew 70 percent and that it was not concerned about an economic slowdown there eating into results.



Apple reported earnings of $3.06 per share on revenue of $74.6 billion. Both were records.

Analysts had expected Apple to report earnings of about $2.60 a share on $67.69 billion in revenue, according to a consensus estimate from Thomson Reuters.

Of 43 analysts polled on EPS, the most optimistic of the bunch expected earnings of $2.97 per share. Of 40 analysts polled on revenue, the most optimistic expected sales of $74.27 billion.

