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Apple buys itself some time for an AI boost

Livemint · 6m

Apple has announced the largest boost ever to its stock buyback program, amounting to $90 billion. This comes after the company reported a decline in iPhone revenue for the fiscal second quarter, the largest drop in nearly four years. However, Apple's overall revenue and operating income met expectations, with better-than-expected revenue from Mac sales and services. The company also projected a low single-digit increase in revenue for the June quarter. Apple's stock rose more than 6% in after-hours trading following the announcement. The slump in iPhone sales is a concern for Apple, as the smartphone still accounts for over half of its total revenue. The company is now faced with the challenge of the next iPhone cycle and potentially entering the race over generative artificial intelligence alongside its tech peers. Apple's Worldwide Developers Conference next month may shed light on the company's future software advances and potential AI-focused developments.