and forecast beat modest expectations on Thursday, as the iPhone maker unveiled a record share buyback programme, sending its stock up 6% in extended trade.
Long considered a must-own stock on Wall Street, Apple shares have underperformed other Big Tech companies in recent months, falling 10% this year as it struggles with weak iPhone demand and tough competition in China. For the fiscal second quarter, iPhone sales fell 10.5% to $45.96-billion, compared with analyst expectations of $46-billion. Apple executives said in February that the year-ago fiscal second quarter had benefited from a $5-billion surge in iPhone sales as the company caught up from supply-chain snarls during pandemic lockdowns.Excluding that one-time phenomenon, iPhone sales were down only slightly as the Cupertino, California, company’s signature product faces stiff competition.
“We continue to feel very bullish about our opportunity in generative AI and we’re making significant investments,” he said. “We’re looking forward to sharing some very exciting things with our customers” at events later this year, Cook said. Sales in Apple’s services segment, which also represents Apple Music and TV offerings, rose to $23.87-billion, above analyst expectations of $23.27-billion, according to LSEG data.
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