Apple’s revenue recovers amid March iPhone sales boost
The board of directors has also authorised an additional programme to repurchase up to $90bn (£71.3bn) of the company’s common stock
Apple has revealed that March iPhone sales have set an all-time high record in its service division, as revenue for the second quarter topped $94.8bn (£75.1bn) compared to a predicted $92.9bn (£73.6bn).
While the group’s revenue for the quarter spells a 3% year-on-year decrease, the group has declared a cash dividend of $0.24 (£0.19) per share of the company’s common stock, meaning a 4% increase.
The dividend will be payable on 18 May to shareholders of record as of the close of business on 15 May.
Due to the group’s sudden boost in performance, the board of directors has also authorised an additional programme to repurchase up to $90bn (£71.3bn) of the company’s common stock.
Tim Cook, CEO of Apple, said: “We continue to invest for the long term and lead with our values, including making major progress toward building carbon neutral products and supply chains by 2030.”
Luca Maestri, CFO of Apple, added: “Our year-over-year business performance improved compared to the December quarter, and we generated strong operating cash flow of $28.6bn (£22.6bn) while returning over $23bn (£18.2bn) to shareholders during the quarter.
“Given our confidence in Apple’s future and the value we see in our stock, our board has authorised an additional $90bn (£71.3bn) for share repurchases. We are also raising our quarterly dividend for the eleventh year in a row.”
