Apple Beats Q2 Estimates, Announces $110B Buyback, iPhone Sales Down 10%

May 2, 2024, 11:51 PM

Apple Inc. reported its fiscal second quarter results, announcing a revenue of $90.8 billion, slightly above expectations of $90.6 billion. The company's earnings per share (EPS) also surpassed estimates at $1.53 compared to the expected $1.51. Despite a 10% year-over-year decline in iPhone sales, which totaled $46 billion down from $51 billion, Apple's performance in China was better than anticipated with revenue reaching $16.4 billion, down 8% year-over-year but still above the forecasted $15.9 billion. Additionally, Apple announced a significant $110 billion share buyback program and raised its quarterly dividend to $0.25. The results prompted a positive market reaction, with Apple's stock price increasing by approximately 4% in after-hours trading. Net income was reported at $23.63 billion, down from $24 billion the previous year.