Apple, Inc. recently reported a year-over-year decline in revenue in its fiscal second-quarter earnings report, which was released after the bell on Thursday. Despite this decline, the tech giant managed to beat analyst estimates with sales dropping by 4.3% to $90.75 billion, slightly higher than the anticipated $90.01 billion.
Apple’s share prices saw an almost 3% increase in extended trading following the announcement, but throughout the year, the company’s stock has fallen by 10%, a performance that falls short of the S&P 500’s 6% rise for the same period. In response to the decrease in revenue, Apple announced plans for a $110 billion share buyback and an increase in its quarterly dividend for the 12th consecutive year.
iPhone sales, a significant revenue driver for Apple, experienced a decline of 10.5% to $45.96 billion, aligning with expectations. Last year, during the same quarter, Apple saw a $5 billion increase in iPhone sales due to supply chain complications caused by pandemic lockdowns. Additionally, Apple recently faced pressure from China to remove various apps, including WhatsApp and Threads, as part of the country’s censorship efforts.
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