Apple Posts Solid Gains On Share Repurchases And iPhone Sales
"We’re very proud of our quarterly results, especially our strong iPhone sales and record revenue from services," said Tim Cook, Apple’s CEO. "We’re eagerly looking forward to introducing more new products and services that only Apple could bring to market."
Though Wall Street was expecting a slump in sales, Apple managed to sell 43.7 million iPhone devices in the first quarter, which is nearly 6 million more than analysts were anticipating. Apple also sold 4.1 million Mac systems and 2.7 million iPod devices. On the tablet front, Apple recorded 16.3 million iPad sales, which is very good, but also a few million shy of expectations.
In a separate release, Apple announced another increase to the company's quarterly dividend of around 8 percent, or $3.29 per common share, payable to shareholders on May 15, 2014. Apple's board of directors also increased its share repurchase authorization to $90 billion from the $60 billion level announced last year.
"We are announcing a significant increase to our capital return program," said Tim Cook, Apple’s CEO. "We’re confident in Apple’s future and see tremendous value in Apple’s stock, so we’re continuing to allocate the majority of our program to share repurchases. We’re also happy to be increasing our dividend for the second time in less than two years."