Apple’s revenue recovers amid March iPhone sales boost
The board of directors has also authorised an additional programme to repurchase up to $90bn (ยฃ71.3bn) of the companyโs 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 (ยฃ75.1bn) compared to a predicted $92.9bn (ยฃ73.6bn).ย
While the groupโs revenue for the quarter spells a 3% year-on-year decrease, the group has declared a cash dividend of $0.24 (ยฃ0.19) per share of the companyโs common stock, meaning a 4% increase.ย ย
The dividend will be payable on 18 May to shareholders of record as of the close of business on 15 May.ย
Due to the groupโs sudden boost in performance, the board of directors has also authorised an additional programme to repurchase up to $90bn (ยฃ71.3bn) of the companyโs common stock.ย
Tim Cook, CEO of Apple, said: โWe 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.โ
Luca Maestri, CFO of Apple, added: โOur year-over-year business performance improved compared to the December quarter, and we generated strong operating cash flow of $28.6bn (ยฃ22.6bn) while returning over $23bn (ยฃ18.2bn) to shareholders during the quarter.ย
โGiven our confidence in Appleโs future and the value we see in our stock, our board has authorised an additional $90bn (ยฃ71.3bn) for share repurchases. We are also raising our quarterly dividend for the eleventh year in a row.โ