Apple Stock Stays In Buy Zone After Coronavirus-Infected Quarterly Report [Investor's Business Daily]
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Source: Investors Business Daily
Related news Consumer electronics leader Apple ( AAPL ) beat the oddsmakers with a better-than-expected March-quarter report thanks to strong demand for wearables and services and a "phenomenal" online sales period. Apple stock rose on the news. But the Cupertino, Calif.-based company mixed bad news with the good in its fiscal second-quarter report late Thursday. Leading the negative news was a 6.7% year-over-year drop in iPhone revenue as the coronavirus pandemic hit production and consumer demand of smartphones. Apple iPad and Mac computer sales also fell in the quarter. Apple also didn't give sales and earnings guidance for the June quarter, owing to uncertainty from the ongoing Covid-19 pandemic and a likely recession. It was the first time in more than a decade that Apple didn't give quarterly guidance. On the plus side, Apple increased its cash dividend by 6% to 82 cents a share. The board of directors also authorized an increase of $50 billion to the existing share repurchase p
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