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Apple Beats Q2 Estimates, $110B Buyback Amid Strong China Sales

May 2, 2024, 08:54 PM

Apple Inc. reported its fiscal second-quarter earnings, revealing a revenue of $90.8 billion and an earnings per share (EPS) of $1.53, both exceeding market expectations. The company announced a significant $110 billion share buyback program and increased its quarterly dividend to $0.25. Despite a 10% decline in iPhone sales, which dropped to $46 billion from the previous year's $51 billion and surpassed expectations, Apple's overall performance was bolstered by strong results in other areas such as Mac and Services, which reported revenues of $7.45 billion and $23.9 billion, respectively, both exceeding forecasts. The company's performance in China was notably better than anticipated, with revenue declining only 8% year-over-year but still surpassing analyst predictions of $15.9 billion.