Apple recently made an important announcement regarding its acquisition plans in the United States. Apple’s board of directors has given the green light for an additional $110 billion in stock buybacks, making it the largest share buyback ever announced by Apple.
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Apple’s quarterly results beat expectations, and its record share buyback plan helped boost its stock price by 6%. #apple #quarterly results #stocksurge #recordbuyback #timcook pic.twitter.com/awRAVUtcv0
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This beats the previous record set by the tech giant in 2018, when it approved a $100 billion share buyback, Bloomberg reported.
These numbers, compiled by market research firm Birinyi Associates, date back to 1999 and demonstrate Apple’s consistent commitment to increasing shareholder value.
Steve Sosnick, chief strategist at Interactive Brokers LLC, expressed surprise at this significant number. He suggested that Apple may see a shift from being a strong growth stock that needs cash for research and development and expansion to becoming a value stock that prioritizes returns to shareholders.
Apple’s quarterly results, released after the market closed on Thursday, beat investors’ expectations. The company’s sales exceeded expectations, and it expects to return to increased sales this fiscal year.
Additionally, Apple has increased its quarterly dividend for 12 consecutive years. This development sparked optimism that the company’s economic downturn is gradually easing.
Apple CEO Tim Cook reiterated the company’s focus on generative AI. He highlighted Apple’s unique capabilities that set it apart in the AI space and hinted at upcoming innovations that will delight customers.
Apple plans historic $110 billion share buyback amid tough financial report | CNN Business
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Mr. Cook conveyed his unwavering confidence in the potential of generative AI. “We are actively devoting significant resources and look forward to sharing some incredibly exciting advances with our esteemed customers soon,” he said. Cook emphasized Apple’s firm belief in the transformative potential and reliability of AI. He also highlighted the unique advantages that set Apple apart in this era of rapid growth.
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