"The demand for everything [Apple], except tablets, if you want to nitpick, is much better than the supply. What happens when you do that? You can raise prices, and that's what they did," Cramer told CNBC's "Squawk on the Street."
He made his remarks one day after the tech behemoth reported fiscal second-quarter profit of $2.33 per share on revenue of $58 billion. It also said it would expand its capital return program to $200 billion from $130 billion.
Apple's success is also a product of higher sales in the Greater China region, Cramer added. "This China story is really extraordinary," he said. "The great middle class in China is buying these [products]."
During the company's earnings call, CEO Tim Cook said sales in Greater China rose about 100 percent year over year.
Apple shares opened up about 1 percent at a new all-time high before retreating, and were down nearly 1.3 percent midmorning Tuesday.