Apple, Inc. posted a year-over-year decline in revenue in its fiscal second-quarter earnings report after the bell on Thursday but still beat Wall Street's expectations. The tech giant's sales fell 4.3% from the prior year, coming in at $90.75 billion. Analysts anticipated $90.01 billion.
iPhone sales fell 10.5% to $45.96 billion, in line with expectations. Apple executives mentioned that the previous year's fiscal second quarter had seen a $5 billion surge in iPhone sales as the company caught up from supply chain disruptions during pandemic lockdowns.
Despite the revenue decline, shares of Apple rose almost 3% in extended trade after the report. Apple's stock performance in 2024 has been lackluster, with a 10% decrease, contrasting the S&P 500's 6% rise.
In a move to boost investor confidence, Apple announced a share buyback of an additional $110 billion. Furthermore, the company stated that it is increasing its quarterly dividend for the 12th consecutive year.
