Valuation is a result of demand for Apple stock. There is no direct link between increase in earnings and increase of demand for stock. Increase of demand might be result of external factors, for example, people flocking to Apple safe harbor, without necessarily inherently increasing trust in Apple as business.

A relatively small increase in earnings might also cause outsize increase in valuation, if that increase was not expected or if it signals to the market the company is strong regardless of tumultuous market situation.