Apple said it would return an additional $55bn to shareholders by the end of 2015, increasing its quarterly dividend by 15 per cent and boosting its share buyback programme, after pressure from investors amid a falling share price.
The announcement of what Apple called the “largest single share repurchase authorisation in history” came as it reported better-than-expected results for its second quarter.
Sales of the iPhone and iPad comfortably beat expectations, driving revenues to $43.6bn. Earnings of $10.09 per share came in just ahead of analysts’ recently lowered forecasts, but nonetheless marked its first year-over-year drop in earnings in almost a decade.