On Thursday, Apple surpassed Wall Street’s expectations for its fiscal second quarter, earning $1.53 a share on revenue of $90.8 billion, slightly higher than analyst estimates of $1.51 a share on $90.4 billion in revenue. In addition to exceeding expectations, the company also announced an increase in its quarterly dividend and stock buyback plan, leading to a rise in Apple’s stock value in after-hours trading.
During the quarter ending on March 30, Apple’s earnings increased slightly while sales decreased by 4%. The company also raised its dividend by 4% to 25 cents per share and approved a $110 billion share repurchase plan. Hardware sales for Apple decreased by 10% year over year to $66.9 billion, while services revenue reached a record high of $23.9 billion, rising by 14%.
Looking ahead to the June quarter, Apple expects total revenue to increase by a low single-digit percentage rate, with iPad sales projected to grow at a double-digit rate and services growth to be in the double digits. Despite challenges such as weak sales in China and a mature smartphone market, the company’s revenue from iPhone sales, Mac computer sales, and sales from wearables, home, and accessories remained significant contributors to its overall revenue.
In after-hours trading, Apple stock surged by 6.8% to $184.78. Year-to-date
