Apple (AAPL) has shared its Q2 2022 earnings report, which showed that the company beat both revenue and EPS expectations. However, there is a bit more to the story. Within the report, Apple revealed that its board of directors have approved a $90 million increase to its stock buyback program, which will undoubtedly have a big impact on the company’s financial results.
Apple shared the news towards the end of its Q2 2022 earnings report.
Following the release of its earnings report and the news found therein, Apple stock (AAPL) dropped as low as $156.57 in after-hours trading, from a daily high off $169 not too long after the market close. This was likely fueled by Tim Cook’s comments on the subsequent earnings call, in which he stated that the company is anticipating a $4-8 billion hit in Q3 2022 as a result of supply constraints in China.
Apple’s move to boost its stock repurchase program to the tune of $90 billion dollars is interesting to say the least, and will likely be divisive among shareholders. As we continue to monitor the business moves of Apple (AAPL) and the other financial news within the technology and gaming industries, Shacknews is the place to be.