Apple Announces Record $110 Billion Share Buyback

Apple reported first-quarter revenue of $90.8 billion, down 4% year-over-year, amid ongoing growth challenges, particularly in China, as reported by Samantha Murphy Kelly for CNN.

Despite the weak demand for Apple's iPhone 15 lineup released in September, the company reported $45.96 billion in iPhone sales for the quarter, which is only slightly below projected estimates. I Photo: Apple

In response, the company announced a record $110 billion share buyback, the largest in its history, as iPhone sales declined by 10%.

This decline indicates weak demand for Apple's iPhone 15 lineup released in September.

Despite this, the company reported $45.96 billion in iPhone sales for the quarter, slightly below projected estimates. Apple's net income for the quarter amounted to $23.6 billion, slightly lower than the same quarter a year ago.

Additionally, Apple reported a 4% increase in Mac sales to $7.5 billion and services revenue of $23.9 billion, surpassing analyst estimates.

During an earnings call, CEO Tim Cook highlighted positive aspects of the latest period and hinted at the company's vision for generative AI in the "weeks ahead."

However, iPad revenue decreased by 17% year-over-year. The announcement comes ahead of a scheduled press event where updates to Apple's iPad lineup and related accessories are expected.