"Given our confidence in Apple's future, we are very happy to announce that our Board has approved a new $100 billion share repurchase authorization and a 16 percent increase in our quarterly dividend", said Luca Maestri, Apple's CFO.
iPhone sales in the three months to March totalled 52.2 million.
In a statement with the earnings report Tuesday, Apple CEO Tim Cook said "customers chose iPhone X more than any other iPhone each week in the March quarter". The iPhone sales also rose by 3% compared with the same time a year ago. Apple also predicted revenue of $51.5 billion to $53.5 billion in the June quarter, ahead of the $51.6 billion Wall Street expected, and the share repurchases in the March quarter drove Apple's cash net of debt down slightly to $145 billion. While that's not quite as high as last quarter's $796 ASP, it far exceeds last year's $654 and is a strong sign that iPhone X sales aren't almost as dismal as analysts expected.
Shares rose 3.2 per cent to $174.49 in after-hours trading.
Apple does not offer sales figure from Apple Watch, AirPods and other peripherals but it did confirm revenues from other products were up 38 percent from a year ago.
Before the earnings release, evidence were mounting that Apple could be slowing down iPhone X production in light of weakening sales in China, its largest overseas market.
Still, Cook seemed optimistic, saying on the firm's earnings call: "HomePod is widely recognized for having the best sound quality for its size and class". Individually, the App Store, Apple Music, iCloud, and Apple Play all achieved record revenues.
"And so we are working toward those things". Apple's quarterly sales in the Greater China market rose by 21 percent to $13 billion, the third quarter of growth after six quarters of double-digit declines.
Lawmakers have been hoping Apple and other companies would use the overseas cash to create more jobs in the U.S. and spend more on other projects that will help accelerate economic growth.
The three months ending with March were Apple's first full quarter selling its new flagship phone, the iPhone X. Analysts had pointed to signs, including the financial results of Apple's suppliers, that the device and its sister iPhone 8 and 8 Plus had not revitalized Apple's iPhone business as the company had hoped. Apple already has been raising its dividend and spending on buybacks every year since 2012; it's not known how much of the new increase would have happened regardless of the tax break. "With the greater flexibility we now have from access to our global cash, we can more efficiently invest in our USA operations and work toward a more optimal capital structure", said Luca Maestri, Apple's CFO.
Explosion at Husky oil refinery in Superior, Wisconsin
Mary's in Duluth. "The Emergency Department will be closing as soon as patients can be transferred to Essentia Health-St". Authorities now say five people have been taken to hospitals after an explosion rocked a large refinery in Wisconsin.
Trump undecided on scrapping Iran deal, Bolton says
Chris Coons (D., Conn.) listed changes he would support to the Iran nuclear deal during an interview on " Fox News Sunday". Merkel said any decision on whether to exempt the bloc from tariffs permanently was now in the president's hand.
Skyscraper catches fire in Azerbaijan
Trump had partnered in the development with the son of a former minister of transportation in the oil-rich former Soviet state. A fire broke out Saturday inside a high-rise building in Azerbaijan that was once meant to be a Trump-branded hotel.
DeMarcus Cousins Unlikely To Get Max Contract In Free Agency
The report particularly mentioned Cousins' torn Achilles tendon as a possible reason why Los Angeles could overlook him. The most recent matchup between the two teams was April 7, when New Orleans beat Golden State 126-120 at Oracle Arena.
Malkin, Dumoulin, Hagelin all GTDs for Game 3
I think he's doing a good job and he's playing the game the way he should, the way he needs to to be a really effective player. Nicklas Backstrom wrapped up the scoring with his third goal of the playoffs on an empty netter with seven seconds remaining.
Amber Rudd grilled by MPs over Windrush scandal
Asked if she had told May to ditch the target, Rudd said: "I have not discussed that with the prime minister". The Home Office has launched a major review to check whether anyone has been incorrectly deported.
Meghan Markle's Brother Thinks She's the Worst
The carriage will be drawn by horses as it was done traditionally and four Windsor grey horses will be used to pull the carriage. They will be driven along Castle Hill into Windsor town center, and will then return along the Long Walk for the reception.
Broncos Shift Focus to Defense with Bradley Chubb Pick
Barring trades, Denver will wrap up its draft with two fourth-round picks and two fifth-round selections Saturday. Now, Sutton could be expected to immediately compete for Denver's third receiver spot behind Thomas and Sanders.