Apple's $100 billion stock buyback overshadows iPhone

Apple's $100 billion stock buyback overshadows iPhone

The tech giant also unveiled a new US$100 billion share repurchase plan and a 16 percent hike in dividend.

Alcoa, the 300th company on the Fortune 300, posted $9.3 billion in revenue past year, according to Fortune. Experts think that the grave emphasis on buybacks will increase the stock prices, but some investors desired that Apple had discovered the different approach to use the cash.

Cook said the iPhone X was its topseller during the quarter, including in key markets like China. "There's huge opportunities there for us and we have extremely low share in that market overall", Cook said on an earnings call with analysts after Apple announced its best-ever overall March quarter results, with revenue of $61 billion, up 16% on-year, and net income of $13.8 billion, driven by iPhones, services and wearables.

Apple reported iPhone unit sales grew just 2.9pc in the second quarter. The majority of the iPhone SEs Apple sold in India were manufactured in its Bengaluru plant, which is run by Taiwanese company Wistron.

Apple predicts revenue of $51.5 billion to $53.5 billion in the June quarter, ahead of the $51.6 billion Wall Street expected as of Monday evening, reports Reuters. Jarislowsky Fraser Ltd now owns 22,515 shares of the iPhone maker's stock valued at $3,470,000 after purchasing an additional 4,118 shares in the last quarter.

Some Asia suppliers did rally after Apple's report, with South Korea's LG Innotek Co. up as much as 7.3 per cent.

In its quarterly report, Apple said on Tuesday it would earmark $100bn for a new share-repurchase programme, succeeding a $210bn buy-back programme that started in 2012 and will wrap up this quarter.

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"Services growth of 31% was impressive - Apple should reach its goal of doubling services over four years organically".

Apple said it sold 52.2 million iPhones in the quarter, or 3 per cent more than a year earlier.

Chief financial officer Luca Maestri told an analyst conference call that the company would undertake the share purchases at "a very fast pace", but that the schedule would depend on market dynamics.

It also suggests that Apple makes more money on its headphones and watches than companies like Ebay, Netflix, and Salesforce made all past year. Apple is expanding its manufacturing facility in Bengaluru with the acquisition of a new tract of land near Devanahalli.

It's unlikely that Cook would have admitted to any weakness during Apple's earnings call anyway, though he might have avoided mentioning its sales had the device been considered a failure: Of the Homepod, widely considered a costly flop, Cook only said the device "is a breakthrough speaker that delivers awesome sound, and we believe it will change the way people listen to music at home".

"I don't buy the view that market's saturated", he said. It would kill off the iPhone X. While there has not yet been a tariff on devices such as Apple's iPhone, Cook last week traveled to Washington to meet with U.S. Fears about a weak iPhone X demand coupled with a slowdown in the Chinese smartphone market had caused a massive sell-off in Apple stock.

The sales of Apple iPhones further dampened after Finance Minister Arun Jaitley announced an increase in the Customs duty on phones to 20 per cent from 15 per cent.