Apple posted quarterly earnings and revenue that topped estimates Wednesday and announced a 7-for-1 stock split and an 8-percent dividend increase. The news sent Apple stock soaring over 8 percent in after-hours trading in New York. The company reported earnings of $11.62 a share, on revenue of $45.6 billion. Analysts expected the company to report earnings excluding items of $10.18 a share on $43.53 billion in revenue, according to a consensus estimate from Thomson Reuters. In addition, the company authorized a 7-for-1 stock split, addressing calls to share more of its cash hoard. Apple's liquid assets actually fell to $151 billion at the end of the quarter from $159 billion last quarter, the first decline since at least 2011. The board also approved a dividend increase of approximately 8 percent to $3.29 a share. The company additionally said it would boost the overall size of its capital return program to more than $130 billion by the end of 2015, up from its previous $100 billion plan. "We're very proud of our quarterly results, especially our strong iPhone sales and record revenue from services," said CEO Tim Cook, in a press release. "We're eagerly looking forward to introducing more new products and services that only Apple could bring to market." Apple is expected to release its next generation iPhone in the fall, according to various news reports, although Taiwan's Industrial and Commercial Times reported Tuesday that the 5.5-inch version of the device will be delayed until 2015 because of battery issues. Apple did not respond to CNBC's request for comment on the report. - CNBC