Apple profit ebbs as iPhone sales under pressure [Yahoo! Finance]
Apple Inc. (AAPL)
Last apple inc. earnings: 4/30 04:30 pm
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Source: Yahoo! Finance
The iPhone maker reported a profit of $23.6 billion on $90.8 billion in revenue in the first three months of this year. "Given our confidence in Apple's future and the value we see in our stock, our Board has authorized an additional $110 billion for share repurchases," chief financial officer Luca Maestri said in the earnings release. Shares were up nearly 6 percent to $183 in after-market trades, buoyed by the epic buyback program. Apple took in a record high amount from digital goods and services sold to fans of the iPhone-makers gadgets, chief executive Tim Cook said in an earnings release. As expected, iPhone sales dropped with pressure growing from China and increased competition from Huawei. The Silicon Valley giant reported $45.7 billion in revenue from iPhone sales, its main money maker, versus $51.3 billion in the same period a year earlier, a ten percent drop. In the key Greater China market, sales of iPhones shrank to $16.4 billion from $17.8 billion in a year
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