Apple stock news
“Apple declines to give financial forecast due to COVID-19, but promises additional $50 billion in buybacks and a dividend increase.
Apple Inc. reported Thursday that profits slipped slightly but sales grew amid the spread of COVID-19, and promised investors billions more in stock repurchases and dividends.
The company topped earnings and revenue expectations for the March quarter, led by a sizable beat for the company’s services segment, but declined to give a forecast for the current quarter due to the uncertainties brought on by COVID-19. Apple AAPL, +2.11% also announced that it would be boosting its buyback program by $50 billion, though this was a smaller increase than the $75 billion and $100 billion that it added to the program in 2019 and 2018, respectively.
The iPhone maker posted fiscal second-quarter net income of $11.25 billion, or $2.55 a share, down slightly from $11.56 billion, or $2.46 a share, a year prior, but easily higher than estimates as the FactSet consensus modeled $2.24 a share. Apple’s total revenue grew slightly to $58.31 billion from $58.02 billion, while analysts were expecting $54.78 billion.”
Apple stock price
Apple Inc. (AAPL) stock price at the close of April 30, 2020: 293.80+6.07 (+2.11%).
News that Apple inc. promises an additional $50 billion in buybacks and a dividend increase may provide support for Apple stock.