Apple has announced a record $110 billion share buyback program following the release of its latest financial results, which exceeded analysts' low expectations.
The tech giant reported strong performance in its fiscal second quarter, with revenue reaching $89.6 billion, up 54% from the same period last year. This growth was driven by robust sales of iPhones, Macs, and iPads, as well as strong demand for its services and wearables.
Apple's net income for the quarter was $23.6 billion, or $1.40 per share, surpassing Wall Street estimates. The company's CEO expressed optimism about the future, citing the success of its product lineup and the resilience of its business model.
In response to its strong financial performance, Apple announced a significant increase in its share buyback program, totaling $110 billion. This move is aimed at returning value to shareholders and reflects the company's confidence in its long-term prospects.
Despite the positive results, Apple cautioned that the ongoing global chip shortage could impact its future product availability. The company also highlighted the uncertainty surrounding the economic recovery from the COVID-19 pandemic.
Overall, Apple's latest financial results have reinforced its position as a leading player in the tech industry, with a strong balance sheet and a commitment to delivering value to its shareholders.
