On Thursday, Apple Inc (NASDAQ: AAPL) issued its fiscal second quarter results and although they were slightly higher than Wall Street expected, Apple posted a revenue drop, including falling iPhone sales. But Apple’s biggest news were that the board authorized its largest ever share buyback. The board authorized $110 billion in share repurchases, which represents a 22% YoY increase compared to last year’s authorization.
Fiscal Second Quarter Highlights
Revenue dropped 4% YoY to $90.75 billion, surpassing LSEG’s estimate of $90.01 billion. Net income contracted 2% YoY to $23.64 billion, or $1.53 per share, while gross margin of 46.6% was in line with LSEG’s estimate.
Apple's revenue empire is undergoing a major restructuring.
iPhone sales tanked 10% YoY to $45.96 billion, while LSEG estimated $46 billion but CEO Tim Cook emphasized that these sales suffered from a difficult comparison as during last year’s comparable quarter, Apple realized $5 billion in delayed iPhone ...