Apple on pace for best day since 2022 after earnings beat, $110 billion stock buyback

  • 📰 CNBC
  • ⏱ Reading Time:
  • 29 sec. here
  • 10 min. at publisher
  • 📊 Quality Score:
  • News: 43%
  • Publisher: 72%

Apple Inc News

Breaking News: Technology,Technology,Business

Apple shares popped on Friday after the company reported better-than-expected second-quarter earnings and the largest-ever stock buyback program.

The iPhone maker announced on Thursday it would repurchase $110 billion of its shares, the biggest buyback in history.and the largest-ever stock buyback program. If the gains hold until the market closes, it will be the best day for Apple shares since Nov. 30, 2022., surpassing Apple's prior repurchases. The company posted earnings of $1.53 per share on revenue of $90.75 billion, exceeding analysts' estimates of earnings of $1.50 per share on revenue of $90.01 billion, according to LSEG.

Analysts at Bank of America reiterated their buy rating of Apple stock — calling it a top pick — and raised their price target to $230 from $225 in a Friday investor note, writing that they expect the company to roll out generative artificial intelligence features for the iPhone this year. JPMorgan analysts, maintaining an overweight rating, lifted their price target for Apple to $225 from $210 on Thursday, pointing to "resilient" year-over-year iPhone revenues and "expectations of an upgrade cycle-led tailwind in iPads" ahead of Apple's

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Apple dominated Wall Street's buyback business even before its latest $110 billionIn the last 12 months, Apple bought back $84.5 billion in stock, far more than any other company in the S&P 500.
Source: CNBC - 🏆 12. / 72 Read more »

New York Jury Convicts Avraham Eisenberg in $110 Million Crypto Market Manipulation CaseCrypto Blog
Source: Crypto_Potato - 🏆 568. / 51 Read more »