Apple Q2 results top estimates on stronger iPhone sales; unveils $90B buyback

Investing.com -- Apple reported Thursday fiscal second-quarter results that topped estimates, driven by stronger-than-expected iPhone sales. The tech giant also boosted its dividend and announced a $90 billion share buyback program.

Apple Inc (NASDAQ:AAPL) shares gained 1% in after-hours trade following the report.

Apple announced earnings per share of $1.54 on revenue of $94.8B. Analysts polled by Investing.com anticipated EPS of $1.43 on revenue of $92.9B.

iPhone revenue, which makes up more than half of total revenue, rose to $51.33 billion from $50.57B a year earlier, topping estimates of $48.84 billion.

Revenue from Apple’s service business including Apple TV+ and iCloud, climbed to $20.91 billion from $19.8 billion a year earlier, beating estimates of $20.97 billion.

"We are pleased to report an all-time record in services and a March quarter record for iPhone despite the challenging macroeconomic environment, and to have our installed base of active devices reach an all-time high,: Apple CEO Tim Cook said in the earnings report. 

Wearables, home and accessories generated $8.76B in revenue, down from $8.81B.

The company unveiled a $90B share buyback plan and boosted its quarterly dividend by 4.3% to 24 cents per share, up from 23 cents.