Apple Inc. (AAPL - Get Report) shares were up more than 5% after hours after the company topped analysts' top and bottom line expectations for the quarter. Apple is a key holding of the Action Alerts PLUS charitable trust

The Cupertino-based tech company earned $2.73 per share on revenue of $61.1 billion. 

Analysts were expecting Apple to report earnings of $2.67 per share on revenue of $60.82 billion. The company was expected to sell 52.54 million iPhones in the quarter.

Apple sold 52.2 million iPhones in the period.

The company also announced that it was raising its dividend by 16% and announced a new $100 billion share buyback plan. 

Apple has been under pressure due to concerns about sales of the latest versions of the phone being softer than expected. 

Apple shares are basically flat year to date but have closed as low as $155.15 over the past four months. 

Shares rose 2.32% to $169.10 intraday Tuesday.