Just before reporting earnings, the question hanging over Apple Inc. (NASDAQ: AAPL) was whether a stock sitting at record highs could still be a buy. The company's report has answered that question in the most frustrating way imaginable for its bulls: with an excellent quarter the market chose to hate on anyway.
The numbers left very little to complain about. Apple delivered its strongest June quarter on record, with revenue climbing 16% year-over-year to beat expectations comfortably. iPhone sales jumped more than 20%, Mac revenue surged nearly 30%, and earnings came in ahead of consensus. On almost any objective measure, this was a business firing on all cylinders.
