3 May 2024

BREAKING: Apple $AAPL climbed 7% in extended trading after the company announces a $110 BILLION share buyback.

Apple reported quarterly revenue of $90.8 billion and EPS of $1.53, both of which were above expectations. However, revenue in Greater China was down by 8.1% and iPhone sales fell 10%. Apple did not provide formal guidance, but Apple CEO Tim Cook told CNBC’s Steve Kovach that overall sales would “grow low single digits” during the June quarter. Apple announced that its board had authorized $110 billion in share repurchases, a 22% increase over last year’s $90 billion authorization. It’s the largest in history, ahead of Apple’s previous repurchases, according to data from Birinyi Associates. Apple is the latest tech giant to announce a massive share buyback after $META and $GOOGL. We are on track to see over $1 trillion in share buybacks this year for the first time in history. Mixed earnings but buybacks are all the market wants. Source: The Kobeissi Letter


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