Apple's Numbers Are 'Jaw-Droppers' According Wedbush's Dan Ives

Apple Inc AAPL continues to prove the skeptics wrong, Wedbush analyst Dan Ives said Wednesday on CNBC's "Closing Bell."

What Happened: Apple reported quarterly earnings of $1.40 per share, beating the estimate of 99 cents. Revenue of $89.58 billion beat the estimate of $77.35 billion. The company also added $90 billion to its share buyback and raised its dividend to 22 cents per share. 

“This quarter reflects both the enduring ways our products have helped our users meet this moment in their own lives, as well as the optimism consumers seem to feel about better days ahead for all of us,” said Apple CEO Tim Cook.

See Also: Apple's Q2 Results Exceed Expectations On Strong Product Momentum, Stellar Services Performance

Analyst Assessment: Ives told CNBC he had a $175 price target on the stock with a bull case of $225 ahead of the earnings report.

The numbers in the report validate the bull case thesis, Ives said, adding that the numbers are "jaw-droppers."

Apple was up 1.7% in after-hours trading at $135.87 at last check. 

Photo courtesy of Apple