Apple announced a 4% increase to its quarterly dividend, and the company is spending a record $110 billion to buy back its own stock.
Apple on Thursday disclosed its steepest quarterly decline in iPhone sales since the pandemic’s outset, deepening a slump that’s increasing the pressure on the trendsetting company to spruce up its products with more artificial intelligence.
The current iPhone downturn was the main reason Apple’s revenue for the latest quarter decreased 4% from last year to $90.8 billion. It marked the fifth consecutive quarter that Apple’s revenue dipped from the previous year. Apple’s profit in the past quarter totaled $23.64 billion, or $1.53 per share, a 2% dip from last year.
Even as it stumbles slightly, Apple remains one of the world’s most prosperous companies. The Cupertino, California, company hammered home that point by announcing a 4% increase in its quarterly dividend to 25 cents per share. The company also committed to spending $110 billion buying back its own stock, a move that investors cheered but may fuel criticism that Apple is spending more money catering to Wall Street than creating more innovative products.
Apple is widely expected to unveil more AI services in June during an annual conference showcasing the next version of its software for the iPhone and Mac computers.
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