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they have beat expectations. shares of apple surging 6% overnight to an all-time high after delivering surprisingly strong earnings. the june quarter is usually its weakest but profits rose 12%. iphone sales were steady as consumers anticipate a new iphone coming out this fall. ipad shipments actually increased rising 15%. those ipads mainly going to schools and businesses. and any move in apple stock moves the whole market because apple is not just in the dow, it s in the s&p 500 as well. it is the most valued company in the world and the push on apple stock could push the dow over that 22,000 mark. amazon may have violated u.s. sanctions on iran. the company disclosed it s under investigation for selling tens of thousands of dollars of products to an iranian embassy since 2012.
neil: in the break, we were talking nonstop about apple s earnings which beat the street. we ll get to the details and off-the-chart number of iphones being sold in anticipation for iphones to come. let s get our retail expert s opinion. i always think that apple, the fact that it could charge so much for its devices and people will buy them. yes. neil: what does that tell you? the protect for consumers is price people don t mind the price. even if the price of the apple continues to rise and they sell less, they re still going to turn a revenue. if you saw the sales numbers, they went up 7.2%. profits 12%. they increase their eps. this product, it doesn t matter if they increase that product price. it just people buy it.
neil: but hitha, what is wacky, 41 million iphones sold. think about it, we re a couple months away from the new iphone. people don t care. normally what happens, they ll sit tight, say wait till the new one comes out. i ll tell you why. part of the reason why the apple people are in such people want these phones so badly is because apple is trying to integrate themselves as a company to our lives. so you heard about the ipod coming out, it s like an alexa. you can talk to the speaker, give it orders. it s a siri pretty much. so based on the services that apple has, apple pay, itunes, they re starting to make about 12% of their revenue on that. so as we get more tied to our phones and more tied to apple products, we re going to basically need the apple products in our lives. that s what they re banking on.
doing additional spending. so let s make sure that we have a balanced package here. yes, i want to make sure if we re dealing with a total budget, i m all in. let s deal with a budget that makes sense and in an open way and not use reconciliation and a broader consensus. if we re dealing with tax reform, that s a different situation. neil: thanks, senator. thank you, neil. neil: meantime as the senator and i were speaking here, we re getting more details on the apple earnings. the stock is soaring 4% because of revenues and earnings beat street estimates. apple s cash pile, the cash on hand, held abroad, $261.5 billion. the point the senator and i were mentioning, if you brought those taxes down that you could encourage apple to bring that back home and other companies do the same, that could be big. more after this. binders. done. super-cool notebooks. done. that s mom taking care of business.
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