Apple Quarterly Earnings Report
Apple's shares rose 7% after the company reported quarterly earnings that beat estimates and announced a record stock buyback program, despite a 4% drop in overall sales and a 10% decline in iPhone sales due to tough comparisons from the previous year.
Key Points
- Apple's net income was down 2% from the previous year
- iPad sales expected to show double-digit growth
- New iPad and AI announcements expected to boost sales
- Services business remains a strong revenue driver
Pros
- Apple's quarterly earnings beat estimates
- Announced a record $110 billion stock buyback program
- Services business saw a 14.2% increase in sales
Cons
- Overall sales fell by 4%
- iPhone sales dropped by 10%