Apple unveils $149b share buyback as results beat forecast

SAN FRANCISCO - Apple's quarterly results and forecast beat modest expectations on May 2, as the iPhone maker unveiled a record share buyback programme, sending its stock up almost 7 per cent in extended trade.

Apple increased its cash dividend by 4 per cent and authorised an additional programme to buy back US$no billion (S$149 billion) of stock. The buyback is the largest in the company's history, according to Investing.com analyst Thomas Monteiro.

Apple's quarterly revenue fell, but less than analysts had expected, and chief executive Tim Cook said revenue growth would return in the current quarter.

The results and guidance suggest the company may be regaining its footing in the smartphone market, despite stiff competition and regulatory challenges.

Apple said fiscal second-quarter revenue fell 4 per cent to US$90.8 billion, beating the average analyst estimate of US$90.01 billion, according to LSEG data.

For Apple's current quarter, which ends in June, Mr Cook told Reuters that the iPhone maker expects "to grow low-single digits" in overall revenue. Wall Street expected 1.33 per cent revenue growth to US$82.89 billion, according to LSEG data.

Long considered a must-own stock on Wall Street, Apple shares have underperformed other Big Tech companies in recent months, falling 10 per cent in 2024 as it struggles with weak iPhone demand and tough competition in China.