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Apple Posts Record March Quarter, Lifts Outlook and Announces $100 Billion Buyback

Stronger guidance signals confidence despite iPhone supply limits, rising memory costs.

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FILE - Apple's John Ternus speaks during an announcement of new products at the Apple Worldwide Developers Conference in San Jose, Calif., Monday, June 5, 2017. (AP Photo/Marcio Jose Sanchez, File)
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Apple Mac Mini M4

Overview

  • Apple reported Thursday that revenue rose to $111.2 billion with earnings of $2.01 per share, as Services hit a record $30.98 billion.
  • Tim Cook said demand for the iPhone 17 lineup was extraordinary, though advanced chip supply constrained shipments and memory costs will jump in the June quarter.
  • Apple projected 14% to 17% year-over-year sales growth for the June quarter, a forecast that pushed the stock higher in after-hours trading.
  • The board authorized a new $100 billion share repurchase and raised the quarterly dividend to 27 cents per share, payable May 14 to shareholders of record on May 11.
  • Apple plans a Sept. 1 CEO transition to John Ternus, and investors are watching June’s developer conference for AI and Siri updates after recent launches like the lower-priced MacBook Neo.