Apple Q2 profit falls 18%, but earnings beat expectations
Posted April 23, 2013 9:13 am.
This article is more than 5 years old.
Apple is posting results for its latest quarter that beat expectations, though net income fell 18 per cent to $9.5 billion.
Revenue rose a modest 11 per cent from last year to $43.6 billion. Both figures beat expectations.
Apple is also opening the doors to its bank vault, saying it will distribute $100 billion in cash to its shareholders over two years.
The company says it will buy back $60 billion in shares — the largest buyback authorization in history.
It is also raising its dividend by 15 per cent.
Investors have been clamouring for Apple to give them access to its cash hoard of $145 billion. Its tight grip on its cash has been blamed for the steep decline in its stock price over the winter.
– with files from The Associated Press
