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Apple share price: what’s the latest on extensive buyback programme?

The US-based tech giant delivered $21 billion to shareholders during its third quarter, including $17 billion through an extensive share repurchasing programme, driving up the value of its stock.

Apple continues to see its share price make gains despite recording a lacklustre set of third-quarter (Q3) earnings at the end of July.

The US-based tech giant saw Q3 revenue rise by just 1% to $53.8 billion compared to the same period a year prior, while its quarterly earnings per share fell by 7% to $2.18. Meanwhile, the stock moves ever closer to breaking the $1 trillion market cap once again.

‘This was our biggest June quarter ever — driven by all-time record revenue from Services, accelerating growth from Wearables, strong performance from iPad and Mac and significant improvement in iPhone trends,’ Apple CEO Tim Cook said.

‘These results are promising across all our geographic segments, and we’re confident about what’s ahead. The balance of calendar 2019 will be an exciting period, with major launches on all of our platforms, new services and several new products.’

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Apple stock supported by buybacks and strong Q4 outlook

Despite a decline in earnings, Apple’s share price continues to edge higher with the company deploying its large cash reserves to repurchase shares, helping the company navigate a lull in growth that the business expects to rectify in its fourth and final quarter of trading.

‘Our year-over-year business performance improved compared to the March quarter and drove strong operating cash flow of $11.6 billion,’ Apple CFO Luca Maestri said.

‘We returned over $21 billion to shareholders during the quarter, including $17 billion through open market repurchases of almost 88 million Apple shares, and $3.6 billion in dividends and equivalents.’

Over the last two quarters, Apple has recorded a decline in revenues, with analysts expecting profits to fall far further than eventually did. However, the tech company looks to change that in its fourth quarter, with it forecasting revenue of between $61 billion - $64 billion, up from previous guidance of $61 billion.

Apple will unveil its fourth-quarter results on October 30.

Apple shares climb after Trump delayed China tariffs

On Tuesday, Apple’s share price was given another boost after US President Donald Trump delayed tariffs on $300 billion worth of Chinese goods, including laptops and mobile phones, sending the tech company’s stock 5% higher to $211.93 in early morning trading. The stock closed at $208.97 a share.

Analysts at US-based investment bank Morgan Stanley warned last week that the global economy could slip into a recession if Trump imposes the 25% tariff on Chinese goods, with Goldman Sachs echoing similar sentiments on Sunday.

Learn how political events have historically impacted the financial markets with IG.

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