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Apple (AAPL) adds $90 billion to stock buyback program

Apple (AAPL) has announced its bolstering its stock buyback program with an increase of $90 billion.

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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.

apple stock buyback

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 (AAPL) stock was down in after-hours trading follow the release of its Q2 2022 earnings report.
Apple (AAPL) stock was down in after-hours trading follow the release of its Q2 2022 earnings report.

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.

News Editor

Donovan is a young journalist from Maryland, who likes to game. His oldest gaming memory is playing Pajama Sam on his mom's desktop during weekends. Pokémon Emerald, Halo 2, and the original Star Wars Battlefront 2 were some of the most influential titles in awakening his love for video games. After interning for Shacknews throughout college, Donovan graduated from Bowie State University in 2020 with a major in broadcast journalism and joined the team full-time. He is a huge Star Wars nerd and film fanatic that will talk with you about movies and games all day. You can follow him on twitter @Donimals_

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