Apple reports strong earnings
iPhone shipments rebounded from December to March following disruptions at the end of last year.
The news provided relief to investors who feared that last year's production issues at Foxconn's "iPhone City" would continue impacting one of Apple's most profitable segments.
- Apple posted revenue of $94.84B during its quarterly earnings report on Thursday, which surpassed the $92.96B expected by analysts.
- iPhone revenue stood at $51.33B, which accounted for 54% of Apple's total revenue over the quarter.
- Apple reported revenue of $7.17B for its Mac segment which failed to match expectations of $7.80B
- Revenue from Apple's services business came in at $20.91B, which also fell short of expectations.
- Apple's board authorized the company to spend $90B on share repurchases and the firm said it would boost its dividend to 24 cents per share.
- Cook noted during the earnings call that Apple was not planning large-scale layoffs like those initiated by other tech giants over the last year.
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