AAPL Shares Pop on $110 Billion Apple Stock Buyback Plans

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Apple (NASDAQ:AAPL) stock is getting a boost on Friday after the tech giant announced a $110 billion share buyback problem.

This AAPL stock buyback program was announced alongside the company’s earnings report for the second quarter of 2024. To go along with that, the company increased its quarterly dividend by 4% to 25 cents.

Apple Chief Financial Officer Luca Maestri said the following about the stock buyback and dividend:

“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 also reported EPS of $1.53 alongside revenue of $90.75 billion. Both of these are better than Wall Street’s estimates of $1.51 per share and revenue of $90.45 billion. For comparison, the company’s performance a year ago was EPS of $1.52 and revenue of $94.84 billion.

AAPL Stock Deep Dive

Investors will note that Apple’s stock buyback and dividend are easing investors’ worries about slowing sales. The company saw iPhone sales of $45.96 billion come in just under estimates.

It’s also worth noting that iPad revenue for the quarter was $5.6 billion. That’s down 17% from the same period of the year prior. However, Mac sales increased 4% to $7.5 billion during the quarter.

AAPL stock is up 6.3% as of Friday morning. That comes with more than 58 million shares traded. This is closing in on its daily average of about 61.5 million shares.

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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