It's Apple earnings day.

Apple (AAPL - Get Report) is now a play on cash deployment rather than technology, says Mr. Market. 

Shares of the tech giant popped 4% in after-hours trading Tuesday as the company revealed a massive $100 billion stock buyback. That's one way to prop up the bottom line when iPhone sales are a touch sluggish (vs. Wall Street's bullish estimates).

On a conference call, Apple CEO Tim Cook said he is "very bullish" about Apple's future. 

"We think the stock will work higher from here as march-qtr print and June-qtr guide are both well ahead of investor fears," says RBC Capital Markets analyst Amit Daryanani.

Watch TheStreet's 30 second Periscope analysis of the results below. 

Apple just giving cash away $AAPL https://t.co/FvF0FWNvdG https://t.co/2zSK0shLnR

— Brian Sozzi (@BrianSozzi) May 1, 2018

Apple is a holding in Jim Cramer's Action Alerts PLUS.

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