The tech company's stock jumped 2.9% to end Thursday at $US207.39, giving it a market capitalisation of $US1.002 trillion ($NZ1.4 trillion).
During Thursday's session, Apple's stock market value reached as much as $US1.006 trillion.
Apple's result was comfortably ahead of expectations, Craigs Investment Partners broker Chris Timms said yesterday.
Strong demand for the iPhone X boosted iPhone sales by 20.4%, despite just a 0.7% increase in iPhone units sold.
Management said new iPhone users grew by double-digits during the quarter, indicating strong market share gains globally.
Strong user-growth helped boost services revenue to an all time record of $US53.3 billion, Mr Timms said.
The result was up 17.3% on the previous corresponding period (pcp) and well ahead of market expectations.
''This represents the seventh consecutive quarter of accelerating revenue growth and the highest in 11 quarters.''
Apple sold 41.3 millon iPhones in the three months ended June, below market expectations. Sales were more than offset by a 19.5% increase in the average selling price of the iPhone driven by strong sales of the iPhone X and the iPhone 8 and 8 Plus, he said.
All geographic regions, except Japan, reported double-digit revenue growth. Apple continued to report solid growth in Greater China, despite strong competition within the region.
Sales of Apple's wearable devices jumped more than 60%, driven by 45% growth in Apple Watch sales and high demand for AirPods and Beats headphones.
Adjusted earnings per share were $US2.34, up 40.1% on the pcp and 7.3% ahead of market expectations, Mr Timms said.
Apple returned $US25 billion to shareholders, including $US20 billion in share repurchases.
The company had completed its $US210 billion share repurchase programme started in 2014, and $US10 billion of its new $US100 billion cash authorisation.
The company ended the quarter with a net cash position of $US141.1 billion.
Mr Timms said the company's share priced remained volatile during the quarter as announcements of order cuts and weak smartphone shipments weighed on sentiment.
''This is a very seasonal period for iPhone sales as consumers wait for the launch of new iPhone models in September. Market estimates have come back even further to what we consider undemanding levels.''
The market was now forecasting iPhone unit growth of 0.69% in the three months ending September, 0.5% for the 2018 financial year and 1% for the 2019 year, he said.
Investors remain overly fixated on global smartphone shipments trends and supply data.
As Apple had proved during the last two quarters, even with low unit growth and longer replacement cycles, it could continue to grow iPhone revenue by attracting new smartphone users to its ecosystem and switching existing users to its higher-priced models such as the iPhone X, iPhone 8 and 8 Plus.
Apple accounted for just 12.1% of global phone shipments during the second quarter, despite its dominance within the sector, he said.
There was room for Apple to grow its market share in the low end of the market, particularly emerging markets.
The company was expected to release three new larger screen iPhone models in September. They were expected to have the advanced features of the current iPhone X, facial recognition capabilities, bezel-free screens and no Home button.
The price for base models was expected to be much lower than the iPhone X.
Other catalysts helping drive Apple's share price higher included growing services revenue, expanding into emerging markets and an attractive valuation, he said.
Apple's share price was up 19.1% to date and was trading on a price to earnings (PE) ratio of 15%.
However, Apple could hardly be considered expensive given it was trading at a significant discount to the S&P 500, despite offering a more attractive earnings growth outlook.
Apple remained a quality tech stock, albeit with a lower growth outlook, Mr Timms said.
The company had strong margins, an unmatched cash hoard and an enormous captive audience.
Apple faced strong competition from other device manufacturers such as Samsung, Lenovo and LG. However, the Apple ecosystem generated very strong brand loyalty.
Purchasing one Apple product was likely to lead to purchases of additional devices, accessories and services.
''We believe the company is only starting to make progress in software and services that will help to retain, create and monetise its large customer base.''
