Apple reveals $100bn share buyback despite iPhone surplus

Apple rewards shareholders: It's buying back an extra $100 billion in stock and raising its dividend

In a recent conference called with analysts by Apple CEO Tim Cook, he said that the company's revenue between January and March was at $61.1 billion, Tom's Guide reports.

Apple reported revenue and profit that beat analysts' estimates and projected continued sales momentum, calming concern about demand for the iPhone, its most-important product. Apple sells more iPhone X units every week than any other iPhone model, and that's been the case since the launch of the device back in November. The latest figures were boosted by growth in all of its geographical segments, most notably in China and Japan, which saw growth of 20 percent.

Apple has been emphasizing its contributions to the USA economy in recent months, outlining a $30 billion US spending plan and highlighting the tens of billions of dollars it spends each year with US -based suppliers. It was the best quarter yet for services, and growth continues to be strong, Cook said, with a total of 270 million paying subscribers in the Apple ecosystem.

Apple traditionally updates its share buyback and dividend programme each spring, and the $100 billion it added this year compares with an increase of $50 billion last year.

Apple had been seen as being under particular pressure as rivals undercut prices for its top iPhone models while the iPhone 8 range and 10th anniversary edition iPhone X received lukewarm reviews.

Curtis doesn't provide much insight into why Apple plans to stop including the adapter with new iPhones.

The California-based firm which, like rivals, is under pressure amid a slowdown in smartphone sales said it had shifted 52.2 million handsets in its second financial quarter - up from nearly 51 million in the first three months of 2017. That suggested the $1,000 flagship iPhone X didn't perform as well as some anticipated when it launched a year ago. Even though the quarter ending March didn't include sales of the firm's new edu-focused iPad, Apple boasted that it increased its share of the global tablet market during the quarter, with the number of active iPad users reaching an all-time high. Specifically, Cook said wearable revenue was up almost 50% over past year.

According to Luca Maestri, the company's CFO has said that Apple now has greater flexibility from global cash, which they can use to "efficiently invest in [the company's] U.S. operations and work toward a more optimal capital structure".

Apple shares rose 5 percent in extended trading, after closing at $169.10 in NY.

In terms of iPhone sales, 52.2 million units were supposedly sold in the same timeframe, which translates to $38 billion in revenue.

Supply chain analysts have pointed to disappointing earnings and revenue forecasts from some of Apple's suppliers overseas, which indicate that the company isn't buying as many components for the iPhone X. But Apple's earnings show that demand for the iPhone X remains strong, said GlobalData analyst Avi Greengart.

Related news:

Hot News

isis-killer-beheading-video-story-top Gas prices continue to rise across Rockford
May 03, 2018 - 16:04
Gasoline demand sank to its lowest level in almost two months, declining 8 percent from the previous week, AAA said. Missouri's average is the same as gas in Kansas, and Nebraska and Colorado are each at least 10 cents more.

Greece Manufacturing Growth Slows For Second Month
May 03, 2018 - 16:02
Meanwhile, business sentiment toward the year-ahead output outlook remained strong in the midst of a sustained rise in new orders. However, even with the modest increase, the PMI still remains below the levels seen late past year and in early 2018.

isis-killer-beheading-video-story-top Plane crashes into road moments after take-off - police confirm 'no survivors'
May 03, 2018 - 16:00
The C-130 is a transport workhorse for the USA military , and Parsons described the crashed aircraft as a cargo plane . The investigation, which is underway, is being carried out by the National Guard Bureau and the Air Force, he said.

isis-killer-beheading-video-story-top Armenian opposition leader's supporters gathering in Yerevan ahead of voting
May 02, 2018 - 01:51
Mr Sargsyan, who had served 10 years as president, stepped down on 23 April just days after being sworn in as PM. Pashinyan has said that the main task of any interim government is organizing the next parliamentary elections.

isis-killer-beheading-video-story-top Ruling party 'will not block' protest leader as Armenian PM
May 02, 2018 - 01:49
Pashinyan, a former journalist turned lawmaker, has said parliament must elect him prime minister on May 1. If that doesn't happen, a a second attempt will be made a week later.

isis-killer-beheading-video-story-top NBA Conference Semi-Finals Previews and Predictions
May 02, 2018 - 01:48
LeBron averaged 45.0 points per over the last three home games of the series against IN and posted a triple-double IN the opener. The Cavaliers are going to have to get better production from their supporting cast to take pressure off James.

isis-killer-beheading-video-story-top Lion brutally attacks wildlife park owner when he enters the enclosure
May 02, 2018 - 01:46
The big cat's victim calls out for help in front of screaming bystanders before a number of gunshots can be heard to ring out. Whatever be the noble thought of the man, he found himself under attack from the predator who had nearly gone for the kill.

isis-killer-beheading-video-story-top Australia optimistic about India's participation in the Day-Night Test
May 02, 2018 - 01:39
The Gold Coast is to host global cricket for the first time, staging a T20 game between Australia and South Africa. James Sutherland, the Chief Executive of CA is optimistic that India will play the D/N game.

isis-killer-beheading-video-story-top Imam Khamenei: US Aware of Consequences of Military Action against Iran
May 02, 2018 - 01:36
Pompeo said on Sunday that the United States was deeply concerned by Iran's "destabilizing and malign activities" in the Middle East.

isis-killer-beheading-video-story-top John Kelly: Reports I Called Trump An Idiot 'Total BS'
May 01, 2018 - 09:32
But numerous media reports suggest that he has been marginalised as Trump wearies of being controlled and seeks to cut loose. And though things have since cooled off, a new report from NBC News could bring their relationship back to the brink.

isis-killer-beheading-video-story-top Bill Cosby's Accuser Says It's "Time For Him To Suffer" In Prison
May 01, 2018 - 09:30
Harrison Snyder , in an interview aired Monday on ABC's "Good Morning America," said that it "wasn't an open and shut case". Until he is sentenced, Judge Steven O'Neill ruled the 80-year-old comedian will be on house arrest with an ankle bracelet.

isis-killer-beheading-video-story-top WhatsApp CEO Jan Koum quits, Neeraj Arora may take charge
May 01, 2018 - 09:28
In response to a request for comment, Facebook directed CNN to Koum's farewell post . WhatsApp is also now piloting its UPI-based mobile payment service in India.

isis-killer-beheading-video-story-top Did Michelle Wolf Kill the White House Correspondents' Dinner?
May 01, 2018 - 09:27
I made fun of Mitch McConnell's neck and I did a small jab at Chris Christie's weight and no one is jumping to their defense". Some prominent journalists joined Trump administration aides in defending Sanders.

isis-killer-beheading-video-story-top Russian President, South Korean Leader Discuss, Praise Korean New Deal
May 01, 2018 - 09:24
They also agreed to achieve a nuclear-free Korean Peninsula, but failed to produce specific time frames and disarmament steps. As The Independent notes, Moon previously said Trump "deserves big credit for bringing about the inter-Korean talks".

isis-killer-beheading-video-story-top Mueller Wants To Question Trump On Comey, Flynn And Obstruction
May 01, 2018 - 09:24
Sessions, including the attorney general's decision to recuse himself from the Russian Federation investigation and whether Mr. Trump fired Flynn in February 2017 after he lied to Vice President Pence about his sanction talks with the Russian government.