Apple Gets Nod For $110 Billion Buyback, Posts Quarterly Revenue Of $90.8 Billion
In a quarterly report that surpassed modest expectations, tech giant Apple revealed a formidable record-setting move: a whopping $110 billion share buyback program. This announcement, coupled with better-than-anticipated financial results, sent Apple”s stock soaring nearly 7% in extended trading.
Despite a 4% decline in quarterly revenue, which stood at $90.8 billion for the fiscal second quarter ended March 30, 2024, Apple”s performance exceeded analyst estimates. CEO Tim Cook expressed optimism, noting that revenue growth is anticipated to rebound in the current quarter. The company”s increased cash dividend by 4% also underscored its confidence in future prospects.
Emphasizing the significance of customer satisfaction and loyalty, Cook highlighted the company”s achievement of an all-time high in its active installed base of devices across all product categories and geographic segments.
“Today Apple is reporting revenue of $90.8 billion for the March quarter, including an all-time revenue record in Services,” said Tim Cook, Apple’s CEO. “During the quarter, we were thrilled to launch Apple Vision Pro and to show the world the potential that spatial computing unlocks. We’re also looking forward to an exciting product announcement next week and an incredible Worldwide Developers Conference next month. As always, we are focused on providing the very best products and services for our customers, and doing so while living up to the core values that drive us.”
This robust performance, according to Luca Maestri, Apple”s CFO, resulted in a new earnings per share record for the March quarter.
“Thanks to very high levels of customer satisfaction and loyalty, our active installed base of devices has reached a new all-time high across all products and all geographic segments, and our business performance drove a new EPS record for the March quarter,” said Luca Maestri, Apple’s CFO. “Given our confidence in Apple’s future and the value we see in our stock, our Board has authorised an additional $110 billion for share repurchases. We are also raising our quarterly dividend for the twelfth year in a row.”
The unveiling of Apple Vision Pro and the exploration of spatial computing possibilities were marked as notable achievements during the quarter. Cook further teased an upcoming product announcement and the highly anticipated Worldwide Developers Conference, both of which are poised to showcase Apple”s commitment to innovation and customer-centric values.
Apple”s board of directors, recognizing the company”s promising future and the value inherent in its stock, greenlit the mammoth $110 billion share repurchase program. Additionally, the board announced a 4% increase in the quarterly dividend, marking the twelfth consecutive year of dividend growth.
