Apple sales 2014 finished with 44 million iPhones being sold in the second quarter. At the same time, the Cupertino, California firm beat analyst expectations for revenue during the March quarter. However, Apple Inc. forecasted less than estimated figures for the next.

Earnings for the iPhone maker was equal to 11.62 a share on revenue of $45.6 billion for Q2. The figures were much better than analyst estimates for earnings of $10.18 a share on revenue of $43.5 billion.

Revenue may drop as much as $36 billion and $38 billion in the June quarter.

The iPhone is still the company's most lucrative business and this argument proved to be stronger than analyst expectations.

Apple sold 43.7 million iPhones for the March quarter, up from an estimated 38 million iPhones. That compares to 37.4 milion iPhones sold during the same quarter in 213.

In contrast to the iPhone fingers, the iPad showed lackluster sales:

"The iPad, on the other hand, came in below estimates. Apple sold 16.3 million iPads in the quarter, down from 19.5 million a year earlier, suggesting a slowdown in demand for the product line. The bottom also appears to have fallen out from the iPod line, as Apple reported selling just 2.8 million of the devices, a 52% decline from a year earlier," reports TechCrunch

"Apple announced plans to boost its stock buyback by $30 billion to $90 billion, adding, "Apple stock was up by about almost 8% in after hours trading following the earnings report and buyback announcement."