Apple
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weatheriscool
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Re: Apple
Apple announces largest-ever $110 billion share buyback as iPhone sales drop 10%
Source: CNBC
Source: CNBC
Read more: https://www.cnbc.com/2024/05/02/apple-a ... -2024.html
Apple reported fiscal second-quarter earnings on Thursday that were slightly higher than Wall Street expectations, but showed overall revenue down 4%, and iPhone sales falling 10%. Apple announced that its board had authorized $110 billion in share repurchases, the largest in the company’s history, and a 22% increase over last year’s $90 billion authorization.
Apple shares rose 3% in extended trading. Apple did not provide formal guidance, but Apple CEO Tim Cook told CNBC’s Steve Kovach that overall sales would “grow low single digits” during the June quarter. Apple posted $81.8 billion in revenue during the year-ago June quarter and LSEG analysts were looking for a forecast of $83.23 billion.
Apple reported $23.64 billion in net income, a 2% decrease from $24.16 billion in the year-earlier period. Overall sales fell 4% in the March quarter.
Cook told CNBC’s Steve Kovach that year-over-year sales suffered from a difficult comparison to the year-ago period, when the company realized $5 billion in delayed iPhone 14 sales from Covid-based supply issues.
