Apple beats the street, announces largest-ever $110 billion share buyback

Apple today announced financial results for its fiscal 2024 second quarter ended March 30, 2024. The Company posted quarterly revenue of $90.8 billion, down 4 percent year over year, and quarterly earnings per diluted share of $1.53.
“Today Apple is reporting revenue of $90.8 billion for the March quarter, including an all-time revenue record in Services,” said Tim Cook, Apple’s CEO, in a statement. “During the quarter, we were thrilled to launch Apple Vision Pro and to show the world the potential that spatial computing unlocks. We’re also looking forward to an exciting product announcement next week and an incredible Worldwide Developers Conference next month. As always, we are focused on providing the very best products and services for our customers, and doing so while living up to the core values that drive us.”
“Thanks to very high levels of customer satisfaction and loyalty, our active installed base of devices has reached a new all-time high across all products and all geographic segments, and our business performance drove a new EPS record for the March quarter,” said Luca Maestri, Apple’s CFO, in a statement. “Given our confidence in Apple’s future and the value we see in our stock, our Board has authorized an additional $110 billion for share repurchases. We are also raising our quarterly dividend for the twelfth year in a row.”
Apple’s board of directors has declared a cash dividend of $0.25 per share of the Company’s common stock, an increase of 4 percent. The dividend is payable on May 16, 2024 to shareholders of record as of the close of business on May 13, 2024. The board of directors has also authorized an additional program to repurchase up to $110 billion of the Company’s common stock.
Apple will provide live streaming of its Q2 2024 financial results conference call beginning at 2:00 p.m. PT on May 2, 2024 at apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter.
Apple’s Q224 results:
• EPS: $1.53
• Revenue: $90.753 billion
• iPhone revenue: $45.963 billion
• Services revenue: $23.867 billion
• Wearables, home and accessories revenue: $7.913 billion
• Mac revenue: $7.451 billion
• iPad revenue: $5.559 billion
Prior to Apple’s earnings report, analysts according to LSEG consensus estimates expected:
• EPS: $1.50
• Revenue: $90.01 billion
• iPhone revenue: $46.00 billion
• Services revenue: $23.27 billion
• Wearables, home and accessories revenue: $8.08 billion
• Mac revenue: $6.86 billion
• iPad revenue: $5.91 billion
MacDailyNews Take: Should bode nicely in after hours pending what’s said on the conference call at 2pm PDT /5pm EDT.
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