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Apple Reveals Its Largest Share Buyback Ever

Apple announces $110 billion share buyback
© Alexander Schimmeck

Apple has revealed its financial performance for the fiscal 2024 second quarter ending March 30, 2024. Despite a 4 percent decline in year-over-year quarterly revenue, the tech giant reported substantial earnings per diluted share, buoyed by robust services revenue.

With quarterly revenue amounting to $90.8 billion, Apple’s CEO, Tim Cook, highlighted the company’s achievement of an all-time revenue high in services. Cook expressed enthusiasm over the successful launch of Apple Vision Pro, emphasizing its potential in spatial computing. Anticipation also mounts for forthcoming product announcements slated for next week and the upcoming Worldwide Developers Conference in June.

Reflecting on customer satisfaction and loyalty, Luca Maestri, Apple’s CFO, underscored the company’s milestone of reaching an all-time high in active installed base across products and geographic segments. This performance contributed to a new earnings per share (EPS) record for the March quarter. Maestri further revealed Apple’s commitment to its shareholders by authorizing an additional $110 billion for share repurchases, alongside a 4 percent increase in the quarterly dividend, marking the twelfth consecutive year of dividend raises.

In light of these financial results, Apple’s board of directors has declared a cash dividend of $0.25 per share of the company’s common stock. Additionally, the board has greenlit a program to repurchase up to $110 billion of the company’s common stock, reflecting confidence in Apple’s future prospects.

Apple’s fiscal performance, underscored by resilient services revenue and strategic shareholder initiatives, continues to position the company as a leader in the global technology landscape. As anticipation builds for upcoming product launches and developments, investors and consumers alike eagerly await Apple’s next moves.