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Apple presented balance sheet, announced better-than-expected results, and shares rise 6%

Apple presented balance sheet, announced better-than-expected results, and shares rise 6%

Apple announced slightly better than expected results. The company reported revenue of $90.7 billion and earnings per share of $1.53. Apple announced its largest share buyback program in its history for $110 billion.

Reuters

Apple announced results slightly better than expected by the market. The company reported revenue of $90.7 billion and earnings per share of $1.53. Besides, announced its largest share buyback program in its history for $110 billion.

Apple reported quarterly revenues of US$90.8 billion and earnings per share of US$1.53, both above expectations. However, Revenue in Greater China fell 8.1% and iPhone sales fell 10%.

Apple is the latest tech giant to announce a massive stock buyback after Meta and Google. We are on track to see more than $1 trillion in share buybacks this year for the first time in history. All the market wants is mixed earnings but buybacks.

The board authorized it “trusting in the future of Apple”held Luca Maestri, financial director of the Californian group, cited in the statement. The number of active Apple devices “reached a new all-time high across all products and geographic segments,” he added.

The market appreciated these announcements and Apple shares gained more than 6% in the after market. Sales of its flagship product, the iPhone, generated less than US$46 billion in the first quarter of the year, 10% less than in the same period last year.

“Falling iPhone demand in China sharply reduced revenue”, explained Jacob Bourne, analyst at Emarketer. Services activity, on the other hand, had a “historic record,” according to Tim Cook, CEO of the firm.

These services include the app store App Store, music and video streaming platforms (Apple TV+), and remote data storage (cloud)which had a turnover close to 24,000 million dollars, 26% of the company’s income.

Source: Ambito

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