Apple’s $110 Billion Stock Buyback Is Largest in US History
Shares rose as much as 7.9% in after-hours trading on Thursday
In a move fitting for one of the largest companies in the world, Apple Inc. just announced the biggest US buyback ever, saying its board approved an additional $110 billion in share repurchases.
Tweet on Apple stock Quarterly results
Apple announces quarterly results and aims for historic stock buybacks#apple #stock #buybacks https://t.co/fQuDNIEGwn
— The_Journalbiz (@the_journalbiz) May 3, 2024
Apple quarterly results
With the announcement, Apple tops its record for the largest buyback value announced in the US. In 2018, the tech giant authorized $100 billion in share repurchases
Technology companies make up most of the list of largest US buybacks
Apple may be acknowledging that they are becoming a value stock that returns money to shareholders rather than a high-powered growth stock that needs its cash for R&D or expansion.”
All told, Apple is responsible for the top six of the 10 largest share-repurchase announcements ever made in the US.
Apple also reported quarterly results post-market Thursday that exceeded investor expectations. The company posted sales that were better than estimates and predicted that it would return to revenue growth in the current period. Apple also raised its quarterly dividend for the twelfth year in a row. That stoked hopes that the slowdown that’s hit the company is easing.
**Shares rose as much as 7.9% in post-market trading. If the gains hold on Friday, the move would add more than $190 billion in market value.
