Get the latest tech news

Apple announces $110B share buyback after quarterly profit and revenue drop

The company's stock surged almost 12% in after-hours trading on Thursday

Apple announced its largest share buyback programme, worth $110 billion, on Thursday after reporting an annual drop in its March quarter net profit and revenues. But chief executive Tim Cook said he expects a sales growth in the current quarter as the company increases its investment on artificial intelligence-driven features that will be announced in coming months. “More than ever in the past decade, the company needs new products and solutions that will shift its behemoth operating costs back into the sustained growth path,” Thomas Monteiro, senior analyst at Investing.com, told The National.

Get the Android app