Apple shares rose by 7% in after-hours trading on Thursday 2nd May 2024, following the company’s announcement of fiscal second-quarter earnings that exceeded expectations, coupled with the unveiling of an expanded stock repurchase program.
The tech giant disclosed that its board has approved a new $110 billion share buyback plan, marking a 22% increase from the previous year’s $90 billion authorization and setting a record as the largest buyback in history, significantly surpassing Apple’s prior repurchase initiatives.
Apple one day chart 2nd May 2024
Apple accounts data summary to 30th March 2024
Revenue: $90.75 billion vs. $90.01 billion estimated
iPhone revenue: $45.96 billion vs. $46.00 billion estimated
iPad revenue: $5.6 billion vs. $5.91billion estimated
Mac revenue: $7.5 billion vs. $6.86 billion estimated
Other Products revenue: $7.9 billion vs. $8.08 billion estimated
Services revenue: $23.9 billion vs. $23.27 billion estimated
EPS: $1.53 vs. $1.50 estimated
Gross margin: 46.6% vs. 46.6% estimated
According to Apple’s latest results, iPhone sales have declined in nearly every global market. The tech giant reported that the overall demand for its smartphones decreased by over 10% in the first quarter of the year, with sales diminishing in all geographic regions except Europe.