The Apple stock price slipped 1.58% in trading yesterday (Tuesday) as Wall Street yawned at another great quarter for the Cupertino, Calif.-based tech giant.

AAPL stock had gained 5% in the week leading up to its Q2 earnings announcement, and even was up about 1% in after-hours trading Monday. Apple stock closed at $130.56 yesterday.

The mild reaction is oddly dismissive of a striking earnings beat for Apple Inc. (Nasdaq: AAPL). The company posted earnings of $2.33 a share, well above expectations for $2.14 a share and an astonishing 40% increase year over year. When you're the biggest company in the world, that kind of earnings growth is unheard of.

Let me put this in context. Apple made $13.569 billion in profit in Q2. No other company has close to that kind of net income.

The big banks, which routinely make the top 10, earned less than half of what Apple did in the quarter. Wells Fargo & Co. (NYSE: WFC) reported $5.8 billion in profits, while JPMorgan Chase & Co. (NYSE: JPM) reported $5.78 billion.

Meanwhile, revenue was $58.01 billion, which easily topped forecasts for $55.75 billion. And it was a 27% increase year over year.

As expected, the iPhone set the tone, as it is Apple's biggest money maker. It typically pulls in 55% or more of the company's revenue. And it had a monster quarter.

iPhone Popularity Will Drive Apple Stock

Apple sold 61.2 million iPhones, better than the 58.1 million analysts expected. CEO Tim Cook said iPhone revenue increased a staggering 55% year over year.

And that growth isn't a fluke of this quarter. It's likely to go on for quite some time, given where it's coming from. Sales of the iPhone were up 70% in China, a huge market that has developed a strong appetite for Apple products. (Mac sales in China were up 31%, and App Store sales were up 100%.)

Meanwhile, iPhone sales doubled in Korea, Singapore, Taiwan, and Vietnam, and rose 80% in Canada, Mexico, Germany, and Turkey. The widespread success of the iPhone was a big reason international sales accounted for 69% of revenue. Who says the world can't afford the iPhone?

The global growth from the iPhone figures to keep feeding earnings for the foreseeable future. Cook said AAPL was seeing a "higher rate" of switchers from Android coming to the iPhone 6, and that so far only 20% of existing iPhone owners have upgraded.

Eventually, higher iPhone sales will force the Apple stock price higher. Several analysts raised their Apple stock price targets today. That's nudged the consensus up to $142.68, just pennies below the $142.86 needed to reach the pre-stock split magic number of $1,000 a share.

The Apple Q2 earnings also offered these tantalizing hints about the company's plans for the future…