Apple stock pops 6% after results top estimates, company reveals $110 billion buyback

The iPhone maker reported late Thursday second quarter earnings per share of $1.53 on revenue of $90.8 billion. Wall Street was anticipating EPS of $1.50 on revenue of $90.3 billion, according to analyst estimates compiled by Bloomberg.

In its fiscal second quarter, revenue came in at $7.45 billion versus an anticipated $6.79 billion, while iPad revenue hit $5.55 billion. Analysts were expecting $5.91 billion. Wearables, which includes AirPods, the Apple Watch, and Vision Pro, saw revenue of $7.91 billion. Wall Street was looking for $8.28 billion.

Apple is also gearing up for its Worldwide Developers Conference in June, where it will reportedly unveil the latest versions of its iOS, macOS, watchOS, iPadOS, and visionOS operating systems. One of the biggest announcements at the show will likely be how Apple will integrate generative AI into its various products.

Apple may be relatively late to the generative AI party, with rivals across Big Tech already rolling out their own product offerings to consumers and enterprise customers. Still, the company has been busy buying up AI firms and building its own large language model to potentially power its AI efforts.

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