Apple in $100bn share buyback as more money returned to US

Apple is returning another $100bn (£73bn) to shareholders from its huge cash pile as solid iPhone sales helped revenues rise 16% to just over $61bn.

 

The company sold 52.2 million iPhones in the three months to March - only a touch below expectations, despite waning global demand for smart phones.


Revenues at Apple's services business that includes Apple Music and the App Store jumped almost a third to $9.1bn.


Apple has about $145bn in the bank, but plans to return the cash to investors.


After the announcement, Apple shares rose 3% in after-hours trading on Wall Street.

 

Although the share buyback helped push the shares higher, overall the quarter was "impressive", said Ben Stanton, an analyst at Canalys.


"It looks like on pretty much every front Apple has had a win," he said.


The company, flush with a huge cash pile on strong earnings boosted by the US tax cut plan of 2017, also announced a 16% boost to its quarterly dividend.




BBC      News.