Following a huge demand for iPhones, iPads, and Macs, Apple earnings have increased by 12% to $8.7 billion in the last quarter. When compared to the same quarter last fiscal, the company revenue has shown a 7% jump to $45 billion. The results of the third quarter which were announced on Tuesday exceeded the predictions made by the analysts.

What was the revenue forecast?

Apple predicted that the company revenue for the current quarter that ends in September will be more than that of the last year after iPhone 7 was released. Apple said that the revenue would range from $49 billion to $52 billion. On Tuesday, even before Apple announced their revenue, the company stock rose from $1.32 to $150.

The company's share value has gone up by 30% since the beginning of this fiscal and the Standard & Poor’s 500 index has increased by 11%.

Since the death of Steve Jobs, the co-founder of Apple, the company has been looking for ways to reduce its dependence on iPhone. However, the company wasn't able to come up with a dominating product that could be a good alternative for iPhone. Though tim cook, Job’s successor tried to bring a revolution with the Apple Watch, it ultimately remains a a niche product. Apple iPhone, therefore, continues to be the most dominant product, accounting for almost 55% of its $45 billion revenue in the last quarter.

Cook hints about augmented reality

During a conference call on Tuesday, Cook told the analysts that they are planning to use iPhone as the launch pad for augmented reality, a technology that imposes computer images into real life settings viewed through the screen.

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Many would have heard about augmented reality only through ‘Pokemon Go’, where the user searches for objects in the neighborhood that can only be seen on your mobile screen. Cook also said that the AR technology will be embedded into the iPhone this year, thereby paving way for more new gen apps. Analysts have also agreed that the technology will be the biggest breakthrough for Apple since its app store launch in2008.

Apple announced that AR technology will be launched in September along with iOS 11, the latest version of the operating system which is the powerhouse of millions of iPhones and iPads. The event will also see the release of AR tool kit which can be used by the software developers to develop new AR apps. However, the AR apps will work only on iPhone 6 and later models and in the next generation iPhones that will be launched later this year.