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In the weeks leading up to Apple's quarterly earnings, the stock sold off hard, dropping by almost $100 a share.

Investors were not just concerned that the stock had risen too far too fast.

They were worried about reports of weak iPhone sales at Verizon and AT&T, the two big U.S. wireless carriers.

The concern reached such a peak that yesterday, just before Apple reported its results, one Wall Street analyst capitulated, slashing his iPhone estimates for the quarter.

Then Apple's press release crossed the tape.

And, once again, the results were astounding.

Apple sold 35 million iPhones in the quarter, significantly higher than the ~30 million analysts expected.

Apple's revenue and profit also blew away expectations.

The company's "guidance" for the next quarter was weak, but Apple always plays this game--issuing low guidance to tamp down expectations and then later blow them away. So investors overlooked this.

iPad sales also modestly missed expectations, but there was a simple explanation: Apple launched its new iPad in the quarter, and sales using drop in the weeks leading into a new product release.

Lastly, Mac sales were underwhelming. But Apple is no longer a computer company--it's a phone and tablet company--so no one pays much attention to Mac sales anymore.

Overall, the quarter was spectacular. Apple now has more than $110 billion of cash and is generating cash at the rate of $7 million an hour. (Yes, per hour--7 days a week, 24 hours a day). And the next six months should see several additional catalysts, including the launch of the new iPhone and, possibly, a real Apple TV.

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