Apple has announced the largest share buyback in US history: a $110 billion plan to siphon off shareholder buyouts.
SoftBank's Big Buyback: What You Need to Know? | RizingTech
The buyback was announced alongside results for the second quarter of 2024 in which iGiant won $90.8 billion in revenue — a four percent decline from a year earlier. Net income fell two percent to $23.636 billion. Earnings per share hit a record $1.53 and dividends per share rose four percent to 25 cents.
Sales in greater China fell 8.4 percent year-over-year to $16.372 billion — a dismal number, but one that some analysts feared could get worse as consumers and regulators in the Middle Kingdom are both increasingly keen on homegrown produce. CEO Tim Cook pointed to Apple's leading smartphone sales chart in China's urban areas and this quarter represents growth for the iPhone, but admitted that Apple's other products are not doing well in the Middle Kingdom.
Things are going better in other markets. Cook proudly told investors that Apple had achieved record revenues in Latin America, India, Turkey, the Middle East, Canada, Spain and Indonesia.
