By Yasin Ebrahim
Investing.com – Apple reported Wednesday better-than-expected first-quarter results as revenue hit a record high following a surge in services and iPhones growth. Apple said it would increase its existing share buyback program by $90 billion.
Apple (NASDAQ:) shares gained 4% in after-hours trade following the report.
Apple announced earnings per share of $1.40 on revenue of $89.58 billion. Analysts polled by Investing.com anticipated EPS of 98 cents on revenue of $76.71 billion.
iPhone revenue, which makes up about half of total revenue, rose to $47.94. billion from $28.96 billion a year earlier, beating estimates of $40.8 billion, driven by strong demand from the latest slate of iPhones.
Revenue from Apple’s service business including Apple News, Apple TV+ and iCloud, grew to $16.90 billion from $13.3 billion, beating estimates of $15.53 billion.
Wearables, home and accessories generated $7.8 billion in revenue, up from $6.3 billion, beating consensus of $7.45 billion.
Apple declared a cash dividend of 22 cents per share, an increase of 7%.
“These results allowed us to generate operating cash flow of $24 billion and return nearly $23 billion to shareholders during the quarter,” Apple said in a statement.
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