Apple stock rallies after record-setting $110B stock buyback, largest in US history
NY Post
Shares of Apple climbed 6% Friday after the iPhone maker announced a record-setting buyback program on the heels of second-quarter earnings topped Wall Street’s estimates.
Apple announced Thursday that its board authorized $110 billion in share repurchases, a 22% increase over last year’s $90 billion authorization, Bloomberg earlier reported.
The move marks the largest buyback value ever announced in US history.
In 2018, Apple came close to the new record when it authorized $100 billion in share repurchases, according to Bloomberg, citing data compiled by market research firm Birinyi Associates that goes back to 1999.
Apple also said that its revenue for the three-month period ended on March 30 rang in at $90.8 billion. Though it was a 4.3% drop from the year-ago period, it topped the $90.3 billion analysts had anticipated.
The results came as a relief to investors, Bloomberg reported, as Apple has posted sales declines in the past five out of six quarters in the face of a tough smartphone market in China.
