Apple Inc. reported a stellar performance for its latest quarter Thursday with double-digit growth across all of its product categories. The company's revenue and profits for the quarter were significantly higher than average analysts' expectations.

The company's most important product, the iPhone, grew by 65.5% year on year. Apple's iPad and Mac sales also performed better than last year, up by 70.1% and 79% on an annual basis.

For its latest quarter, Apple reported a 53.7% growth in its total revenue to $89.58 billion - significantly higher than the $77.36 billion Wall Street expected. The company's earnings per share for the quarter were $1.40 - higher than the $0.99 Wall Street expected.

Revenues generated from iPhone sales grew 65.5% year on year to $47.94 billion. Its services revenue grew by 26.7% on year to $16.90 billion. Apple's Mac revenues grew by 70.1% on year to $9.10 billion, while its iPad revenue grew by 78.9% on year to $7.80 billion.

Apple said it would increase its dividend by 7% to $0.22 per share. The company also said it would authorize $90 billion in share buybacks. This is significantly higher than the $50 billion outlay authorized by the company last year.

Apple did not release official guidance for its current quarter ending in June. The company has not provided any revenue guidance since the start of the pandemic, stating that it was difficult to give an accurate forecast given the uncertainty surrounding the global crisis.

Apple chief financial officer Luca Maestri did tell analysts the company expects to record double-digit growth in the coming quarter. Its latest quarter is the second consecutive quarter of double-digit growth across all product categories.

Apple previously said the pandemic has boosted its business as people increase their spending on computers and smart devices for work and entertainment. Apple also said the reopening of more economies may continue that trend once the pandemic is over.

"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," Apple chief executive Tim Cook said.