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| Apple announces share buyback as earnings rise | Apple announces share buyback as earnings rise |
| (35 minutes later) | |
| Technology giant Apple reported profits of $10.2bn (£6.1bn) after selling 43.7 million iPhones during the three-month period ending 29 March. | Technology giant Apple reported profits of $10.2bn (£6.1bn) after selling 43.7 million iPhones during the three-month period ending 29 March. |
| It also announced plans to buy an additional $30bn of its stock back from shareholders and to increase its quarterly dividend by 8%. | It also announced plans to buy an additional $30bn of its stock back from shareholders and to increase its quarterly dividend by 8%. |
| Apple also said it would split its stock for the first time in nine years. | |
| The moves are meant to appease investors as the firm reports slowing revenue growth. | The moves are meant to appease investors as the firm reports slowing revenue growth. |
| Revenue was $45.6bn, a 4.6% increase from the same period a year ago. | Revenue was $45.6bn, a 4.6% increase from the same period a year ago. |
| Shares in the firm surged more than 7% in after-hours trading, as investors cheered news of the seven-for-one split, which is set to take effect in June. | |
| Christmas in February | |
| "We're very proud of our quarterly results, especially our strong iPhone sales and record revenue from services," said chief executive Tim Cook in a statement. | "We're very proud of our quarterly results, especially our strong iPhone sales and record revenue from services," said chief executive Tim Cook in a statement. |
| On a conference call to discuss earnings, Mr Cook added that it was Apple's biggest non-holiday quarter ever. | |
| He said that Apple has acquired 24 companies in the last 18 months in order to expand its research and development into new features and products. | |
| Sales of Apple's iPhone - which is the company's most popular product, contributing to more than half of its revenue -decreased by 14% from last quarter, as users await new models. | |
| Apple has faced stiff competition from rival Samsung, which sells cheaper smartphones that mostly run Google's Android operating system. | |
| Total sales of Apple's once-popular iPod music player continued to decline sharply, falling to just 2.8 million units during the second quarter - a 54% decrease from the previous three-month period. |