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Thursday, July 29, 2021
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Apple results soundly beat Wall Street targets, $90 billion buyback announced

Apple on Wednesday (April 28) posted sales and profits far ahead of Wall Street expectations and announced a $90 billion share buyback as customers continued to upgrade to 5G iPhones and snapped up new Mac models with Apple’s house-designed processor chips.

Sales to China nearly doubled and results topped analyst targets in every category, led by $6.5 billion more in iPhone sales than predicted and Mac sales about a third higher than estimates.

Apple Chief Executive Tim Cook said the company sees an economic recovery coming.

Apple shares rose 3% in extended trading after the results.

(Production: Aleksandra Michalska)

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