A less iPhone-reliant Apple has Wall Street hopeful. Here's what 5 analysts said about the tech giant's earnings report.

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• Apple announced third-quarter earnings Tuesday afternoon. iPhone sales continued to fall as other segments pushed revenue higher.
• The tech giant briefly soared above a $1 trillion market cap Wednesday morning as its quarterly report beat Wall Street estimates for revenue and profits. Apple shares rose as much as 6% in early trading.
• The majority of Wall Street analysts maintained or raised their outlooks for Apple, noting that diversification of its revenue stream and upcoming services will keep profits strong before the iPhone adopts 5G capabilities.
• Watch Apple trade live here.

Apple no longer sources a majority of its revenue from the iPhone. The tech behemoth's stock rose as much as 6% on Wednesday after its third-quarter earnings report beat estimates for revenue and earnings-per-share.

iPhone sales fell 13% year-over-year, but were offset by gains in its Mac, iPad, Wearables, and Services segments. Overall revenue grew by just over 1% year-over-year. Apple shares closed at $208.78 Tuesday afternoon.

The Wednesday morning surge pushed the company's market cap over $1 trillion. Microsoft was recently the only US company with a market cap over $1 trillion, though Apple was the first to hit the record in August 2018.

Here are the key numbers:

Revenue: $53.81 billion, versus the $53.35 billion estimate

Earnings per share: $2.18, versus the $2.10 estimate

iPhone revenue: $25.99 billion, down 13% year-over-year

4Q revenue forecast: Between $61 billion and $64 billion, versus the $61.04 billion estimate

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The quarterly earnings report follows Apple's acquisition of Intel's smartphone-modem business for $1 billion. The purchase sets the California-based company up to introduce 5G to its iPhones in the near future, with analysts predicting the 2020 product cycle will introduce the new technology.

CEO Tim Cook confirmed on the earnings call that the company will release the Apple Card - a credit card made in collaboration with Mastercard and Goldman Sachs - sometime in August. The card will join the App Store, iCloud, and upcoming Apple TV+ products in the company's growing Services business.

Analysts weighed in with a wide range of opinions following the third-quarter report. Here's what five of them had to say, in descending order of price target: