LIVE: APPLE BEATS, STOCK SOARS

Apple stock jumped as much as 5% after the company reported earnings per share higher than what Wall Street was expecting.

Revenue was directly in line with Apple's own guidance, but it is still down 14.5% from the same period last year.

Apple's most surprising beat was in iPads, in which it sold nearly 1 million more units than what analysts had predicted.

But its gross margin missed after its low-cost $400 iPhone proved more popular than had been expected.

Cook told CNBC that its services business — like Apple Music, the App Store, and iCloud — would be the "size of a Fortune 100 company company by next year," although services revenue was slightly down to $5.97 billion from the previous quarter, it was up 19% year-over-year.