Apple to return more cash to investors as profits soar
27 April 2015
- From the section Business
Technology giant Apple has reported a profit of $ 13.6bn (£10.7bn) for the first three months of 2015, a 33% increase from a year earlier.
It also said it would ramp up its share-buying programme to return money to investors to $ 200bn from $ 130bn.
Revenue at the firm also grew 27% from a year earlier to $ 58bn.
Apple said it currently has a record $ 195 trillion dollars of cash on its books.
The company sold 61.1 million iPhones, beating analysts expectations. However sales of its iPad tablet remained sluggish. Apple said it sold 12.6 million iPads, a decline of 23% from a year earlier.
“We are thrilled by the continued strength of iPhone, Mac and the App Store, which drove our best March quarter results ever,” said chief executive Tim Cook in a statement.
Notably, more than two-thirds of the company’s revenue came from international sales. Revenue from sales in greater China, which includes Hong Kong, was $ 16.8bn, a 71% increase from a year earlier.
Shares in the company rose over 1% after markets closed.
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