Apple (AAPL) Tops Q2 EPS by 10c; Raises Guidance, Buyback and Dividend
(Updated - April 30, 2019 4:33 PM EDT)
Apple (NASDAQ: AAPL) reported Q2 EPS of $2.46, $0.10 better than the analyst estimate of $2.36. Revenue for the quarter came in at $58 billion versus the consensus estimate of $57.44 billion.
Services Revenue Reaches New All-Time High of $11.5 Billion.
The company's board has authorized an additional $75 billion for share repurchases. Apple’s board also declared a cash dividend of $0.77 per share of the Company’s common stock, an increase of 5 percent.
"Our March quarter results show the continued strength of our installed base of over 1.4 billion active devices, as we set an all-time record for Services, and the strong momentum of our Wearables, Home and Accessories category, which set a new March quarter record,” said Tim Cook, Apple’s CEO. “We delivered our strongest iPad growth in six years, and we are as excited as ever about our pipeline of innovative hardware, software and services. We’re looking forward to sharing more with developers and customers at Apple’s 30th annual Worldwide Developers Conference in June.”
“We generated operating cash flow of $11.2 billion in the March quarter and continued to make significant investments in all areas of our business,” said Luca Maestri, Apple’s CFO. “We also returned over $27 billion to shareholders through share repurchases and dividends. Given our confidence in Apple’s future and the value we see in our stock, our Board has authorized an additional $75 billion for share repurchases. We are also raising our quarterly dividend for the seventh time in less than seven years.”
Reflecting the approved increase, Apple’s board of directors has declared a cash dividend of $0.77 per share of the Company’s common stock, an increase of 5 percent. The dividend is payable on May 16, 2019 to shareholders of record as of the close of business on May 13, 2019.
The management team and the Board will continue to review each element of the capital return program regularly and plan to provide an update on the program on an annual basis.
Sees Q3 revenue of $52.5-$54.5 billion, versus the consensus of $51.93 billion.
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