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Thursday, February 22, 2024

Apple Profit Falls for 1st Time

Apple Profit Falls for 1st Time
Apple Profit Falls for 1st Time

Apple has reported that its quarterly profit dipped for the first time in nearly a decade as it squeezed less money from its champions in the competitive smartphone and tablet markets. The maker of iPhones, iPads, iPods, and Macintosh computers stepped in to bolster its stock price by announcing a plan to more than double to $100 billion the amount it will spend to buy back its stock and pay out dividends.
Apple raised a coming stock dividend by 15 percent to $3.05 per common share. While Apple coffers bulged with $144.7 billion, the company said most of that money is offshore and it will be shrewder to borrow cash to implement the stock buy-back plan. “We will fund the capital return program from operations and borrowing,” said Peter Oppenheimer, Apple’s chief financial officer.
Apple shares jumped briefly on the news in after-hours trades but slid back down to $403.95, about two dollars below where it was at the close of the Nasdaq.

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