Apple recently reported a decrease in revenue in its fiscal second-quarter earnings report, despite exceeding Wall Street’s expectations. The company’s sales fell 4.3% year-over-year to $90.75 billion, slightly higher than the anticipated $90.01 billion. Despite this decline, iPhone sales also dropped by 10.5% to $45.96 billion, which was in line with predictions.
Apple executives attributed the revenue decline to supply chain issues during the pandemic lockdowns in the previous year’s fiscal second quarter, which saw a significant increase in iPhone sales. Despite this, Apple’s stock prices rose nearly 3% in after-hours trading following the earnings report. However, the company’s stock has fallen by 10% in 2024, lagging behind the S&P 500’s 6% increase.
In response to the earnings report and recent controversies surrounding it, Apple announced a share buyback of an additional $110 billion and revealed plans to raise its quarterly dividend for the 12th consecutive year. This news comes as China has ordered Apple to remove several apps, including WhatsApp, in a recent censorship move that could further impact the company’s sales and reputation in Asia.
