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

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