Apple announces largest share buyback in US history

The company’s previous record was in 2018, when it announced a $100 billion buyback.

The company made the announcement while reporting its fiscal second quarter of 2024, which ended March 30. Apple shares rose 7.9% in after-hours trading on Thursday.

• Apple Inc. in the fiscal second quarter reduced net profit and revenue. The company’s revenue was $90.8 billion, up from $94.8 billion a year earlier. Net profit in the latest quarter fell to $23.6 billion from $24.2 billion a year earlier. At the same time, the per share figure rose to $1.53 from $1.52 a year earlier.
• The corporation’s quarterly revenue from iPhone sales decreased by 10.5%, amounting to $45.96 billion. Mac computer sales revenue increased by 3.9% to $7.45 billion, iPad sales revenue reached $5.56 billion, the figure decreased by 16.7% year-on-year.
• Revenue from services (App Store, Apple Music, Apple Pay and iCloud) grew 14%, to $23.87 billion. Revenue from sales of wearable devices and accessories decreased 9.6%, amounting to $7.91 billion.
• Apple’s sales in China (including Hong Kong and Taiwan) fell to $16.4 billion in the fiscal second quarter, from $17.8 billion a year earlier. Revenue in the Americas fell to $37.3 billion (down from $37.8 billion), in Europe rose to $24.1 billion from $23.95 billion and in Japan fell to $6.3 billion from $7.2 billion.

Bloomberg notes that the lack of new innovative devices has had an impact on Apple’s sales slowdown, but the company can correct the situation: a presentation will take place on May 7, 2024, at which the new ones are expected to be shown. iPad.