Apple Inc. on Tuesday reported an 18 per cent
decline in earnings for its fiscal second quarter, the company's
first profit reversal since 2003. Nevertheless, its share price rose
nearly 5 percent in after-hours trading after the company announced a
robust stock buyback plan.
The Silicon Valley giant reported net income in the second quarter of 9.5 billion dollars, or 10.09 dollars per share, compared to 11.6 billion dollars, or 12.30 dollars, a year ago.
Apple's revenue for the second quarter was 43.6 billion dollars.
In the quarter ending March 30, Apple sold 37.4 million iPhones, compared to 35.1 million a year ago. It also sold 19.5 million iPads in that time, compared to 11.8 a year ago.
After-hours trading of Apple stock was delayed as the company announced it would add 50 billion dollars to its stock buyback plan, bringing the total to 60 billion dollars. It also raised its quarterly dividend 15 per cent to 3.05 dollars.
When trading resumed Apple's stock shot up to nearly 430 dollars per share after closing at 406 dollars per share.
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