reported solid earnings results that exceeded analyst expectations on both the top and bottom line.
While revenues declined for the second quarter in a row, falling about 3% year-over-year, the company's quarterly iPhone sales exceeded $51 billion, which beat analyst estimates by $2.5 billion. The strong sales in iPhone helped offset weakness in Apple's Mac and iPad divisions. For future growth, investors are looking forward to Apple's expected September launch of the iPhone 15, as well asAlso giving Apple investors confidence is the company's announcement of a new $90 billion stock buyback program and a 4% increase to the company's quarterly dividend, to $0.24 per share.
Shares of Apple jumped more than 5% on Friday, adding $135 billion to the company's market value, which stood at about $2.77 trillion.Wedbush:"Lebron-like results from Cupertino.""Cook & Co. delivered an impressive iPhone beat and gave a relatively upbeat outlook going forward that should give the Street further confidence that Cupertino is riding out this macro storm in Rock of Gibraltar-like fashion.
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