Apple, known for its iPhones, surpasses its own record for the highest buyback value announced in the US with this announcement.
Its Inc., one of the world’s largest companies, has just unveiled the largest buyback in US history, approving an additional $110 billion in share repurchases. This move sees the maker of iPhones surpassing its own 2018 record of $100 billion in authorized share repurchases, as per data from Birinyi Associates dating back to 1999.
Apple’s Financial Moves and Market Impact: A Comprehensive Analysis:
Steve Sosnick, chief strategist at Interactive Brokers LLC, remarked, “It’s an astonishing number.” He suggested that it might be transitioning from a high-growth stock needing cash for R&D to a value stock returning money to shareholders.
https://www.chevron.com/Its accounts for six of the top ten largest share repurchase announcements in the US, alongside Chevron Corp. and Alphabet Inc.
Apple reported quarterly results after-market Thursday, surpassing investor expectations with sales exceeding estimates and forecasting a return to revenue growth in the current period. Additionally, the company raised its quarterly dividend for the twelfth consecutive year, sparking optimism that the slowdown it experienced is abating.
Shares surged up to 7.9% in post-market trading, potentially adding over $190 billion in market value if the gains persist on Friday.
Apple investors welcome the gains as the technology giant has trailed its Magnificent 7 peers this year through Thursday’s close, with Apple shares down 10% compared to the S&P 500 Index, which has risen over 6%.
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