Lin Zejun/VGC Via Getty

Share of Apple (AAPL - Get Report)  were rising nearly 6% after hours Tuesday after the tech giant topped both earnings and revenue estimates for the March quarter.

TheStreet is live blogging Apple's earnings report and call with analysts. Please join us!

The Cupertino, CA-based company reported fiscal second quarter revenue of $58 billion yielding earnings of $2.46 per share. Analysts were expecting the company to report revenue of $57.5 billion on earnings of $2.36 per share. 

While the company's quarterly revenue and earnings were down 5% and 10% year-over-year, respectively, it was still able to top estimates. 

"Our March quarter results show the continued strength of our installed base of over 1.4 billion active devices, as we set an all-time record for Services, and the strong momentum of our Wearables, Home and Accessories category, which set a new March quarter record," said Tim Cook, Apple's CEO.

Cook also noted that the company experienced its strongest iPad growth in six years. 

Separately, the company also announced a 5% bump to its quarterly dividend. The company will now pay 77 cents per share payable May 16 to shareholders of record on May 13. 

For the current quarter, the company expects to generate revenue between $52.5 billion and $54.5 billion, ahead of Wall Street's consensus $52.1 billion estimate. The company also said it expects gross margin between 37% and 38% vs. consensus 38% estimates. 

"We generated operating cash flow of $11.2 billion in the March quarter and continued to make significant investments in all areas of our business," said Luca Maestri, Apple's CFO. "We also returned over $27 billion to shareholders through share repurchases and dividends

Thanks to its strong financial position, the company's board also authorized an additional $75 billion to go to share repurchases. 

Apple is a key holding in Jim Cramer's Action Alerts PLUS charitable trust