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Apple's Q1 2015 earnings report is here and the company pretty much crushed Wall Street expectations. Cupertino reported a total revenue of $74.6 billion, beating an expected $67.5 billion for an increase of 30 percent compared to Q1 2014. It also boasted an impressive earnings per share of $3.06, crushing estimates of just $2.60 EPS and marking a 48 percent increase year-over year.

The company's hugely successful quarter was largely due to the massive popularity of the iPhone 6 and iPhone 6 Plus, which hit the market just in time for the holiday shopping season. Apple says it moved 74.5 iPhones at an average selling price of $687. However, Cupertino's tablet business continued to struggle, with just 21.4 million units sold down from 26 million iPad units a year earlier.

Meanwhile, Mac computer sales hit 5.519 million in Q1, falling just slightly from an impressive high of 5.52 million units last quarter. The company's "other products" category, which now includes Beats headphones, iPods, Apple TV and other accessories, brought in $2.7 million in revenue.

Apple's stock price is up five percent in after hours trading.