Apple Comes Through with a Q2 Earnings Beat, Raises Dividend and Buyback

Apple (NASDAQ: AAPL) reported its Q2 results, with EPS of $1.52 coming in better than the consensus estimate of $1.43. Revenue grew 9% year-over-year to $97.3 billion (Q2 record), beating the consensus estimate of $93.89 billion.

According to Luca Maestri, Apple’s CFO, the company achieved an all-time revenue record for Services and Q2 revenue records for iPhone, Mac, and Wearables, Home and Accessories.

iPhone sales rose to $50.57 billion in the quarter, up from $47.94 billion in the same quarter last year. Mac sales also rose to $10.435 billion, from $9.102 billion. However, iPad sales fell to $7.646 billion from $7.8007 billion.

Services revenue grew to $19.821 billion from $16.901 billion in the same quarter last year.

The company’s board of directors announced a 5% increase in its cash dividend ($0.23 per share) on its common stock, payable on May 12 to shareholders of record as of the close of business on May 9.

Furthermore, the board of directors authorized an increase of $90 billion to the company’s existing share repurchase program.

Shares of Apple were down 8% year-to-date going into the earnings print.

By Davit Kirakosyan

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