Unsurprisingly, the company has a crazy amount of cash: $256.8 billion, to be exact. And shares are up a whopping 57.5 percent over the past year.
Apple released a special red edition of the iPhone 7 and iPhone 7 Plus this spring. The handsets are the lifeblood of the massive company, which briefly reached a record valuation of over $775 billion on Tuesday.
But the world's most valuable company is having trouble cracking the competitive China market, where sales fell 14 percent from a year ago. Cook told investors on a conference call that he expected that market to improve, but not come back to growth.
Some people may also be delaying smartphone purchases in anticipation of a new, fancier forthcoming phone, chief executive Tim Cook told CNBC.
But a mix of more expensive phones and other products and services is helping the company supplement its flattening iPhone shipments.
Apple boss Tim Cook said the that the iPhone 7 Plus sales were "extremely strong."
"We are having significant growth rates beyond what we ever dreamed of," Cook said of the higher-priced model. He added in a conference call, though, that prior generations iPhones didn't perform as well in China.
The iPhone 7 Plus, which ditched the headphone jack and featured a souped-up dual camera, is being closely tracked as a precursor to the next iPhone, expected to hit in the autumn and potentially feature major upgrades like wireless charging and 3-D sensing.
Apple is also seeing some revenue growth from some unexpected places.
Other products, like the much-maligned Apple TV, Apple Watch and AirPods, saw revenue jump 31 percent from a year ago. And services, like AppleCare and the App Store, saw 18 percent growth. Even the Mac saw double-digit growth during the quarter.
Apple has planned to revamp its stores, in part to draw in services spending.
Still, services, Mac and other products combined only provide about half the level of revenue as the iPhone.