Apple reported earnings for its March quarter Tuesday that fell in line with expectations, although revenue was down from the same period last year. However, Apple’s guidance for next quarter was higher than analysts expected, and it said it planned to spend $75 billion buying back its own shares.
Apple stock spiked over 4% and it approached a $1 trillion market value in extended trading.
Here’s how the company did compared to what Wall Street expected:
Apple’s total sales were down 5% from the same period last year, although it doesn’t seem to matter to investors as the stock is up.
Guidance for Apple’s fiscal third quarter was higher than expected, suggesting Apple’s iPhone demand machine is stabilizing again and that services revenue continues to grow. In January, Apple cut its first-quarter forecast, blaming slow iPhone sales in China.
iPhone revenue was also down 17.33% year-over-year. iPhone revenue accounted for 53.5% of Apple’s revenue for the quarter, which is lower than it has historically been. Read more