Stuffsearth.com – Apple reported Thursday fiscal second-quarter results that topped Wall Street estimates amid better-than-feared performance in its key China market and the tech giant unveiled its largest ever stock buyback.
Apple Inc (NASDAQ:) rose more than 6% following the news in afterhours trading following the report.
The company announced of $1.53 per share on revenue of $90.8 billion. Analysts polled by Stuffsearth.com had anticipated EPS of $1.5 on revenue of $90.32B.
In greater China, a key market, sales fell 8% to $16.37B, amid rising competition from smartphone rivals in the country. But that was less bad than analysts had feared, with estimates around for revenue in China falling at $15.25B.
iPhone revenue, which makes up about half of total revenue, rose to $45.96B from $51.33B a year earlier, but missed estimates of $46B.
Revenue from Apple’s service business, which includes Apple Music, Apple TV+ and iCloud, grew to $23.87B from $20.91B a year earlier, above estimates of $23.27B.
The company also announced a $110B stock buyback program and hiked its dividend by 4% to $0.25.
Looking ahead, Apple CEO Tim Cook told CNBC’s Steve Kovach that sales would “grow low single digits” in the June quarter.
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