APPLE’S quarterly results and forecast beat modest expectations on Thursday, as the iPhone maker unveiled a record share buyback program, sending its stock up almost 7% in extended trade.
Apple increased its cash dividend by 4% and authorized an additional program to buy back $110 billion of stock. The buyback is the largest in the company’s history, according to Investing.com analyst Thomas Monteiro.
Apple’s quarterly revenue fell, but less than analysts had expected, and CEO Tim Cook said revenue growth would return in the current quarter.
The results and guidance suggest the company may be regaining its footing in the smartphone market, despite stiff competition and regulatory challenges. – Reuters