Apple (AAPL) earnings report Q2 2024 [Video]

Apple shares climbed 7% in extended trading on Thursday after the iPhone maker reported fiscal second-quarter earnings that topped estimates and announced an expanded stock buyback program.

Apple announced that its board had authorized $110 billion in share repurchases, a 22% increase over last year’s $90 billion authorization. It’s the largest buyback in history, ahead of Apple’s previous repurchases, according to data from Birinyi Associates.

However, overall sales fell 4% and iPhone sales fell 10% year over year during the quarter, which Apple attributed to a tough comparison versus last year.

Here’s how Apple did versus LSEG consensus estimates in the quarter ended March 30: 

• EPS: $1.53 vs. $1.50 estimated 
• Revenue: $90.75 billion vs. $90.01 billion estimated 
• iPhone revenue: $45.96 billion vs. $46.00 billion estimated 
• Mac revenue: $7.5 billion vs. $6.86 billion estimated 
• iPad revenue: $5.6 billion vs. $5.91billion estimated 
• Other Products revenue: $7.9 billion vs. $8.08 …