The World's Apple's Oyster

Apple(AAPL Quote - Cramer on AAPL - Stock Picks) can only get sweeter.

The company stunned Wall Street Wednesday with its second-quarter earnings report as profits rose nearly 87%. But that's only the beginning, say analysts.

Apple is more diversified than ever, and growth in its core PC business is nearly three times the industry average.

And there's more in store: Apple's most anticipated product, iPhone, is set to launch toward the end of June; a new operating system, Leopard, in October could further drive computer sales; and the company may debut a variation on its iPod or Macintosh line in the next few months.

All told, Apple is set to enter the strongest three quarters in the company's history, and the EPS upside that the company showed in the second quarter is no fluke, says Gene Munster, senior research analyst for Piper Jaffray, which makes a market in Apple shares.

"Apple is at a pole position as it capitalizes in a shift in computer buying behavior," wrote Munster in a research report. "It is obvious consumers want computing devices that are focused on entertainment and creativity."

In what was considered a light quarter in terms of major growth drivers and product releases, Apple's Mac computer performed better than expectations, and the iPod juggernaut continued to roll. Apple shipped 1.52 million Mac computers and 10.5 million iPods during the quarter, representing 36% growth in Macs and 24% growth in iPods vs. the year-ago quarter.

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